TechFlow news — On March 4, according to Reuters, Indian fintech company Mintoak has acquired Digiledge, a startup focused on central bank digital currency (CBDC), for approximately $3.5 million. This marks the first merger and acquisition case in India's CBDC sector. Mintoak previously received investment support from PayPal and HDFC Bank.
Through this acquisition, Mintoak will integrate Digiledge’s specialized expertise in CBDC and bill payments to offer more comprehensive digital rupee payment solutions to its partner banks, including HDFC Bank, Axis Bank, and State Bank of India. The Reserve Bank of India launched the digital rupee pilot in December 2022, but by mid-2024, only 1 million retail transactions had been recorded—far below the central bank’s expectations.
The acquisition comes as India’s digital asset sector shows signs of recovery. Coinbase is reportedly preparing to re-enter the Indian market, while Bybit has resumed operations in India after paying a $1.06 million fine and completing registration with the Financial Intelligence Unit (FIU). Analysts project that India’s cryptocurrency market will grow from $2.5 billion in 2024 to $15 billion by 2035, representing an annual growth rate of 18.5%.
