Snapmint, the Mumbai-based Buy Now, Pay Later (BNPL) startup, has solidified its leadership in the consumer credit landscape by closing a $125 million (₹1,100 crore) Series B round, led by General Atlantic with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angels. Of the total, $115 million is primary capital for growth, with a secondary component providing liquidity to early supporters. The new funds are earmarked for expanding EMI-on-UPI offerings and deepening its pan-India merchant and consumer reach.
Funding History and Investor Mix
Founded in 2017 by IIT Bombay alumni Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint has now raised over $140 million to date. Previous notable rounds included $18 million in debt and equity in December 2024, led by Prashasta Seth of Prudent Investment Managers, Perpetuity Ventures, and Pegasus Fininvest. Early venture support came from Kae Capital and Secocha Ventures, with active lending partners including Vivriti, MAS, Northern Arc, ICICI, and AU Small Finance Bank sustaining its credit pipeline. Following the latest investment, General Atlantic holds close to a 19% stake, signaling conviction from a long-term global investor.
Financials and Growth
Snapmint reported robust financial performance for FY25, with revenue from operations jumping nearly 80% year-on-year to ₹158.5 crore (from ₹88.5 crore in FY24). Marking a strong turnaround, Snapmint turned profitable with a net profit of ₹15 crore after reporting a ₹33.6 crore loss in FY24. This shift was powered by scale in EMI financing transactions—growing from 1 million to over 5 million annual transactions—and the merchant network expanding to 900+ brands such as boAt, Xiaomi, Croma, Cult, and Snitch.
The majority of income comes from interest on lending, along with commissions, subvention from partners, discounts, and processing fees. The consumer app, with more than 35 million downloads, serves over 7 million monthly active users across 23,000+ pin codes.
Product and Platform Strategy
Snapmint’s core platform, Nimbus, is built to enable merchants to offer instant credit to customers without credit cards—leveraging credit scores and UPI payments for streamlined “no-cost EMI” purchases. The platform has become increasingly influential in Tier-II and Tier-III Indian cities, facilitating financial access without paperwork and targeting young, digitally savvy consumers underserved by traditional credit systems.
Competitive Ecosystem
Snapmint sits alongside BNPL rivals like ZestMoney, LazyPay, Axio, Simpl, CRED, and Paytm Postpaid, but distinguishes itself with proprietary risk underwriting and a strong focus on EMI-on-UPI for mass retail categories. The company’s aim is to reach over 100 million consumers, leveraging its latest funding round to double revenue by next year and cement its place as a household affordability brand for India’s emerging middle class.
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