Buy now, pay later startup Snapmint has secured $125 million in Series B funding led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors.
Key Highlights
- Snapmint raises $125 million in a Series B round led by General Atlantic to expand its EMI-on-UPI offering.
- Snapmint serves over 7 million monthly users across 23,000 pincodes and funds over 1.5 million transactions monthly.
The money raised will be utilized to develop its merchant network and increase its EMI-on-UPI offering.
According to co-founder Nalin Agrawal, the remaining sum was raised through a secondary transaction, with $115 million coming in as primary capital. The company claims that the round will give some of its early angel investors a way out. It did not, however, address the current valuation.
Agrawal, Anil Gelra, and Abhineet Sawa founded Snapmint in 2017 to allow customers to use UPI EMIs without a credit card.
In a number of categories, including electronics, travel, fashion, home goods, and lifestyle items, the company accepts installment-based payments.
Currently, Snapmint funds more than 1.5 million purchases each month and serves 7 million active users across 23,000 pincodes in India. By providing flexible EMI plans at checkout, the platform assists retailers in increasing conversions.
In the consumer credit and checkout financing market, Snapmint faces competition from BNPL and EMI-focused companies like ZestMoney, LazyPay, Axio, Simpl, PayU PayLater, ICICI PayLater, and CRED. Its main focus is EMI through UPI, which doesn't need a credit card.
Over the coming years, the company intends to expand and reach over 100 million customers.
Snapmint has raised about $140 million so far, including $18 million in a combination of debt and equity obtained in December of last year, according to startup data intelligence platform TheKredible. General Atlantic will own 18.8% of the business after the most recent allocation.
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Mumbai-based Snapmint reported a nearly 80% year-over-year increase in revenue to Rs 158.5 crore for the fiscal year that ended in March 2025 (FY25), turning a profit with a net profit of Rs 15 crore.
The company will end the current fiscal year (FY26) with a twofold increase in revenue, according to Agrawal.
