Buy now pay later startup Snapmint on Friday announced that it has raised fresh funding led by global investment firm General Atlantic. The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and other existing angel investors, the company said in a statement.
While the financial terms of the investment were not disclosed, a report by The Economic Times pegged the funding at $125 million.
With this new capital, Snapmint plans to grow its EMI-on-UPI offering and expand its merchant network, the statement added.
“We believe India will leapfrog credit cards and go straight to EMI on UPI. We have pioneered EMI on UPI since 2020 and have enabled brands to increase their sales by 10-20% with our offering. With this new funding, we are excited to have General Atlantic join our journey to bring EMI payment solutions to more than 100 million consumers in the next few years,” said Nalin Agrawal, co-founder of Snapmint.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet, Snapmint provides EMI options to Indian consumers without requiring a credit card. The platform allows users to pay in instalments across categories such as electronics, home, and travel, and has expanded to include fashion, furnishing, and other lifestyle products through its EMI-on-UPI offering.
Snapmint currently serves over 7 million monthly active users across 23,000 pincodes in India and finances more than 1.5 million purchases each month. It competes with BNPL and EMI-focused players such as ZestMoney, LazyPay, Axio, Simpl, PayU PayLater, ICICI PayLater, and CRED.
The company has offices in Mumbai, Bangalore, Delhi NCR, and Jaipur. Radix Capital Advisors, led by Abhishek Taparia, has been Snapmint’s exclusive investment banking advisor since 2019.
