Snapmint, a rapidly growing fintech startup based in Mumbai, has successfully raised $18 million in a mix of debt and equity funding.
The round was led by Prashasta Seth, the Investment Manager at Prudent Investment, and saw participation from Perpetuity Ventures and Pegasus Fininvest. This latest capital infusion marks another important step in Snapmint’s journey to expand its Buy Now Pay Later (BNPL) platform and extend its reach in the growing Indian fintech market.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint has been at the forefront of the BNPL revolution in India, offering customers easy and accessible credit options for purchasing a range of products, including mobile phones, electronics, fashion, and more. The company’s digital platform, Nimbus, provides tailored financial solutions that help both customers and merchants access flexible installment payment options.
“We’re committed to empowering both consumers and businesses with accessible credit solutions,” said Nalin Agrawal, co-founder of Snapmint. “This funding will allow us to further strengthen our technology and expand our reach to more consumers and merchants across India.”
The $18 million raised will be allocated toward enhancing Snapmint’s platform and scaling its operations. Key areas of focus include integrating with additional shopping portals, growing its merchant network, and strengthening its balance sheet for future growth.
Snapmint’s primary offering is its BNPL service, which allows shoppers to purchase goods and pay in easy installments, a feature that has seen significant adoption across India. As part of its expansion strategy, Snapmint plans to partner with more online retailers and brands, further cementing its place in the competitive BNPL market.
Snapmint’s growth trajectory has been impressive, with the company reporting a sixfold increase in transactions in 2022. This growth has been fueled by its successful collaboration with over 300 direct-to-consumer (D2C) brands, which have integrated Snapmint’s payment solutions into their platforms. According to Snapmint, its app has been downloaded by 8 million consumers, and it currently serves over 4 million active users, many of whom reside in tier II and smaller towns across India.
The platform’s appeal lies in its ease of use, low barrier to entry, and flexible payment terms, making it particularly popular among younger consumers and those from underserved markets. This user base has enabled Snapmint to carve out a niche in the increasingly competitive BNPL space, which includes well-established players like ZestMoney, Axio (formerly Capital Float), CASHe, EarlySalary, and MoneyTap.
Snapmint operates in a crowded and fast-evolving market, where competition is intensifying as fintech startups, banks, and other lending institutions race to capture the growing demand for alternative credit solutions. Despite this, Snapmint has distinguished itself by focusing on customer experience and providing quick access to credit without the need for lengthy documentation or complicated processes.
The platform’s existing lending partners, including Vivriti, MAS, Northern Arc, ICICI, and AU Small Finance Bank, have also played a crucial role in bolstering its credit offerings. This network of partners has enabled Snapmint to provide a seamless and reliable credit experience to millions of consumers across India.
As the demand for BNPL services continues to rise, Snapmint is well-positioned to capitalize on the opportunity. With a robust platform, strong investor backing, and a rapidly expanding customer base, the company is poised for continued growth.
