Snapmint Raises $125 Mn To Expand Its Merchant Network

SUMMARY

The funding round is led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and a host of existing angel investors

The Navi Mumbai-based startup plans to deploy the fresh capital to grow its merchant network, enhance its tech stack, and grow its EMI-on-UPI offering

The funding round was a mix of primary and secondary transactions, with $115 Mn being infused as primary capital and rest as secondary

BNPL startup Snapmint has raised $125 Mn (around INR 1,100 Cr) in its Series B funding round, led by General Atlantic. The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and a host of existing angel investors.

The funding round was a mix of primary and secondary transactions, with $115 Mn being infused as primary capital and rest as secondary, Snapmint founder Nalin Agrawal told Inc42.

The Navi Mumbai-based startup plans to deploy the fresh capital to grow its merchant network, enhance its tech stack, and grow its EMI-on-UPI offering.

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.

“The primary value proposition is that we offer no-cost EMI options to the consumers who need liquidity and enable the merchants to reach 30-40 Mn customers resulting in a surge in their sales,” Agrawal said.

The startup claims to serve more than 7 Mn monthly active users across 23,000 pincodes in India and facilitate more than 1.5 Mn purchases every month.

Prior to this, Snapmint raised $18 Mn in its pre-Series B funding round led by Prashasta Seth of Prudent Investment Managers in December 2024. The startup counts the likes of Prudent Investment Managers, Perpetuity Ventures and Pegasus Fininvest among its backers.

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

Last month, Vijay Shekhar Sharma-led Paytm also relaunched its BNPL product as a credit line on UPI. In collaboration with Suryodaya Small Finance Bank, Paytm Postpaid enables users to access instant short-term credit under a scheme titled “Spend Now, Pay Next Month”.

Snapmint operates in the rapidly growing Indian fintech market, which is expected to reach a size of $2.1 Tn by 2030, with its revenue growing at a 40% CAGR.