Mumbai-based fintech startup Snapmint has raised US$125 million in a new funding round led by US-based private equity firm General Atlantic, with participation from Elev8 Venture Partners and existing investors Prudent Investment Managers and Kae Capital.
Founded in 2017 by IIT-Bombay batchmates Nalin Agrawal, Abhineet Sawa, and Anil Gelra, Snapmint has raised US$140 million to date, according to The Economic Times.
Co-founder Nalin Agrawal said that around 50% of the newly raised funds will be used to capitalise the company’s in-house NBFC, with the remainder allocated to scaling up business operations.
Of the total, US$115 million is primary capital, while the rest is a secondary infusion from angel investors and employees who sold shares.
“We will invest in integrating with more brands and large merchants, expand our customer base, and also scale up credit-on-UPI in a profitable manner,”
Agrawal said.
Snapmint allows consumers to convert their online purchases into EMIs, focusing on longer-tenure loans that include both zero-cost and interest-bearing options, while steering clear of traditional buy-now-pay-later models.
“We work with around 1,500 brands including Titan, Ixigo, Wakefit and others. We offer a pure-play EMI option like a consumer durable loan which gets reported to the credit bureaus,”
Agrawal added.
The loans are processed via Snapmint’s own captive NBFC, which handles approximately 1.5 million EMI transactions each month.
Unlike many consumer financing startups that partner with large e-commerce platforms, Snapmint collaborates directly with brands.
Its EMI payment option appears at checkout on brand websites. Roughly 25% of its customers are new-to-credit, requiring underwriting through non-traditional methods.
Snapmint reported ₹150 crore in revenue for FY25 and is targeting to double this figure in the current financial year.
Its profit after taxes but before ESOP costs stood at ₹10 crore, according to Agrawal.
Featured image credit: Edited by Fintech News Singapore, based on image by jcomp via Freepik
