Snapmint, a no-cost EMI and buy-now-pay-later platform has raised $18 million in debt and equity funding led by Prashasta Seth (Prudent Investment Manager). The funding round also saw participation from Perpetuity Ventures and Pegasus Fininvest.
The fresh funds will be used to expand its partnership with more shopping portals, grow its merchant network, and expand its balance sheet, allowing it to disburse more.
In August 2022, Snapmint raised $21 million in a mix of equity and debt Series A funding round led by Seth and also saw participation from Kae Capital, 9 Unicorns, Anicut Capital, and Negen Capital.
“The last couple of years have been very exciting for Snapmint, and we are grateful for the unstinting support of our investors, brand partners, lenders, and above all, our team members. In the last 2 years, we have grown from 1 million purchase financing transactions a year to 5 million plus annual transactions, and now, have no-cost EMI partnerships with over 900 plus brands in India,” said Nalin Agrawal, Co-founder of Snapmint.
“Just as the offline consumer durable financing market boomed in the last two decades, we see a similar opportunity unfolding online on the back of UPI and ecommerce. Snapmint, with its vast customer and merchant network, is well poised to capitalise on this,” Prashasta Seth, CEO of Prudent Investment Managers, said.
Abhishek Singhal, founder of Perpetuity Ventures LLP, added, “The Snapmint team has wonderful customer insights and an inherent understanding of risk, which is key in a financial services business. The market and opportunity are immensely large and the team’s proven track record increases the odds of success manifold.”
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint is a fintech startup that offers instalment payment service for online shopping.
Snapmint provides zero-interest instalment payment plans ranging from 3 to 12 months for online purchases. It primarily focuses on fashion and consumer electronics, with partnerships spanning brands like boAt, Xiaomi, Croma, Cult, Arvind Fashions, Neeman’s, The Sleep Company, Snitch, and Mokobara.
The platform currently has over 5 million monthly active users. Its EMI shopping app has achieved over 35 million downloads and enables access to no-cost EMI across more than 26,000 pin codes nationwide.
Snapmint is backed by investors, including Lightspeed Ventures, Northern Arc Capital, Anicut Capital, and 9Unicorns.
