Snapmint Secures $125 Million in Series B Funding

Snapmint is a buy now pay later startup that has successfully secured $125 million in its Series B funding round, led by General Atlantic. This funding round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors. The funds will be allocated to enhance its EMI-on-UPI offerings and to expand its merchant network.

Recently, Startup Superb provided an exclusive report on Snapmint’s fundraising efforts. In discussions with Startup Superb, co-founder Nalin Agrawal mentioned that $115 million was received as primary capital, while the remaining amount was generated through a secondary transaction. This funding round will allow some of the early angel investors to exit, although the company did not disclose its current valuation.

Overview of Snapmint

Founded in 2017 by Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint allows consumers to make payments through EMIs on UPI without the need for a credit card. The platform provides installment-based payment options across various categories, such as electronics, travel, fashion, home goods, and lifestyle products.

User Base and Merchant Benefits

Currently, Snapmint caters to 7 million monthly active users across 23,000 pincodes in India, facilitating over 1.5 million purchases each month. The platform aids merchants in increasing conversion rates by offering flexible EMI plans at the point of sale.

Competition and Market Position

In the consumer credit and checkout financing landscape, Snapmint competes with BNPL and EMI-focused providers like ZestMoney, LazyPay, Axio, Simpl, PayU PayLater, ICICI PayLater, and CRED. The startup’s unique offering of EMI via UPI distinguishes it, as there is no requirement for a credit card.

Future Plans

Snapmint aims to scale its operations and reach over 100 million consumers in the coming years. According to various startup data intelligence platforms, Snapmint has raised approximately $140 million to date, including $18 million in a mix of debt and equity obtained in December of the previous year. Following this latest investment round, General Atlantic will own an 18.8% stake in the company.

Financial Performance

For the fiscal year ending March 2025 (FY25), the Mumbai-based Snapmint reported a nearly 80% year-on-year revenue growth, amounting to Rs 158.5 crore, and achieved profitability with a net profit of Rs 15 crore. Agrawal also indicated that the firm anticipates closing the ongoing fiscal year (FY26) with a two-fold increase in revenue.