Fintech Startup Snapmint Bags $18 Mn To Launch New BNPL Products

Mumbai-based fintech startup Snapmint has raised $18 Mn in its Pre-Series B funding round. The round, which was a mix of debt and equity, was led by Prashasta Seth of Prudent Investment Managers, and also saw participation from new investor Perpetuity Ventures and existing investor Pegasus Fininvest.

Without disclosing the valuation, Snapmint cofounder Nalin Agrawal told Inc42 that the funding was raised almost at 3X the valuation of the last funding round.

The startup plans to utilise the capital to enhance its technology, launch new BNPL products, expand product categories, and onboard new merchants. “… as we are an NBFC, we also need to expand our balance sheet,” Agrawal said.

Founded in 2017 by IIT Bombay graduates Agrawal, Anil Gelra and Abhineet Sawa, Snapmint provides BNPL offerings with an aim to help Indians without credit cards get credit access. It claims that most of the products on its platform are available at no-cost EMIs with three-month plans. 

It obtained the NBFC licence from the Reserve Bank of India in 2019.

Snapmint’s BNPL offerings are available for categories like consumer electronics, health and wellness. It sees most of the purchases in the fashion and personal electronics segment. 

The startup has tie-ups with brands like boAt, Xiaomi, Croma, Cult, Arvind Fashions, Neeman’s, The Sleep Company, Snitch, and Mokobara, among others. Its offerings are available in more than 26,000 pin codes in the country.

Currently, the startup claims to offer 5 Mn EMI purchases on an annual basis and have over 35 Mn app downloads.

Snapmint is now also piloting EMI offerings for offline businesses. “We are currently piloting our EMI offerings with some merchants. We began our pilot with The Sleep Company in Bengaluru, and now we are working with other brands as well, primarily in Bengaluru and Mumbai,” cofounder Sawa said. 

On the financial front, Agrawal said that the startup’s revenue stood at INR 80 Cr in FY24. It expects to close FY25 with a revenue of INR 150 Cr to INR 160 Cr and also projects to breakeven by the end of the year.

The fundraise comes almost two years after Snapmint raised $21 Mn in a mix of equity and debt. The round was led by Seth, and also saw participation from Kae Capital, 9 Unicorns, Anicut Capital, and Negen Capital. 

With this investment, the startup has raised a total funding of over $38 Mn till date. 

Snapmint competes with the likes of Simpl, BharatX, LazyPay, among others.