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Buy now pay later startup Snapmint has raised $125 million in its Series B funding led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors. The proceeds will be used to expand its EMI-on-UPI offering and grow its merchant network.
“$115 million came in as primary capital, while the remaining amount was raised through a secondary transaction. According to the company, the round will provide an exit to some of its early angel investors. However, it did not comment on the current valuation.” said Nalin Agrawal
Snapmint currently serves 7 million monthly active users across 23,000 pincodes in India and funds over 1.5 million purchases per month. The platform helps merchants increase conversions by offering flexible EMI plans at checkout. Snapmint competes with BNPL and EMI-focused players such as ZestMoney, LazyPay, Axio, Simpl, PayU PayLater, ICICI PayLater, and CRED in the consumer credit and checkout financing space. Its focus is EMI via UPI, which does not require a credit card.
About snapmint
Snapmint has been founded in 2017 by Agrawal, Anil Gelra, and Abhineet Sawa. Snapmint enables consumers to pay through EMIs on UPI without a credit card. The company offers installment-based payments across categories including electronics, travel, fashion, home, and lifestyle products.