Snapmint In Talks To Raise $100 Mn In A Round Led By General Atlantic

Buy now, pay later (BNPL) startup Snapmint is in advanced talks to raise around $100 Mn (about INR 886Cr) in a new funding round led by General Atlantic, sources told Inc42. 

The round will include primary and secondary components, with a few early angel investors likely to partially exit.

Existing investor Prudent Investment Managers will also join the round and will be the second-largest investor after General Atlantic. Elev8 Venture Partners and Kae Capital are also expected to participate in the round, the sources added. 

The transaction is likely to take place in two tranches, with nearly 80% of the capital coming from General Atlantic. The round will largely comprise primary capital and is expected to close in the coming weeks.

Inc42 has reached out to Snapmint for comments on the development. The story will be updated on receiving responses. 

The development was first reported by Mint.

This will be one of the largest funding rounds for Snapmint so far. In December last year, it raised $18 Mn in a round, which was a mix of debt and equity, led by Prashasta Seth of Prudent Investment Managers. The round also saw participation from Perpetuity Ventures and Pegasus Fininvest. 

Overall, Snapmint has raised over $48 Mn to date.

Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers installment-based credit solutions that allow shoppers to buy products such as mobiles, electronics, and home essentials on easy payment terms. Its digital platform, Nimbus, enables partner brands to offer customised credit options to customers, helping drive both sales and conversions.

Snapmint’s growth has been driven by its partnerships with D2C brands that use its checkout finance solutions to boost affordability for consumers.

In the BNPL segment, Snapmint competes with Amazon-owned axio and DMI-owned ZestMoney.