Snapmint, an EMI payments platform, has raised $125 million in its Series B funding round led by General Atlantic, a global investor. The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and other existing angel investors.
The funding round comprises $115 million in primary capital and the rest in secondary, which would provide exits to a few early-stage angel investors.
The funds raised will be used to grow its Equated Monthly Instalments (EMI) on UPI offering and expand its merchant network.
Founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa, Snapmint is a buy now pay later startup that enables consumers to pay through EMIs on UPI without a credit card.
The company offers instalment-based payments across categories, including electronics, travel, fashion, home, and lifestyle products.
Beyond the conventional categories of electronics, home and travel, Snapmint shoppers also use its EMI-on-UPI offering for fashion, furnishing and other lifestyle purchases. The Company today serves more than 7 million monthly active users across 23,000 pincodes in India and finances more than 1.5 million purchases every month.
Nalin Agrawal, Co-founder of Snapmint, said, “We believe India will leapfrog credit cards and go straight to EMI on UPI. We have pioneered EMI on UPI since 2020 and have enabled brands to increase their sales by 10 to 20% with our offering. With this new funding, we are excited to have General Atlantic join our journey to bring EMI payment solutions to more than 100 million consumers in the next few years.”
Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said, “Snapmint has built one of India’s largest EMI-on-UPI platforms, through its strong value proposition of affordability for consumers, and increased sales for merchants. We are excited to partner with Snapmint as it continues to scale its EMI payments platform and expand its network of merchants and customers.”
Prashasta Seth, Managing Partner of Prudent Investment Managers, said, “We are proud to have partnered with Snapmint since 2020, when they first started to build their EMI-on-UPI platform. Over the years, Snapmint has established market leadership, and the founders have shown a steadfast commitment to building a sustainable and customer-centric business. As we deepen our partnership, we know that this is just the beginning of an exciting growth journey, and the best is yet to come.”
