Mumbai-based fintech startup Snapmint has raised $18 million in a mix of debt and equity funding, led by Prashasta Seth, CEO of Prudent Investment Manager. The funding round also saw participation from Perpetuity Ventures and Pegasus Fininvest.
This latest infusion comes after the company’s $21 million Series A round in August 2022. Snapmint plans to leverage the new capital to strengthen its integrations with shopping portals, expand its merchant network, and grow its balance sheet.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint operates as a BNPL (Buy Now Pay Later) platform. It provides shoppers with easy access to credit, enabling them to purchase mobiles, electronics, and other goods through flexible installment plans.
Snapmint’s proprietary platform, Nimbus, delivers tailored, easy-to-use solutions to its merchant partners, boosting both sales volumes and customer acquisition. In 2022, the company achieved sixfold growth, thanks to partnerships with over 300 D2C brands that adopted its installment payment services.
The Snapmint app has been downloaded by 8 million users in India, with over 4 million consumers actively utilizing the platform. Notably, a significant portion of its user base comes from Tier II and smaller cities, reflecting its commitment to fostering financial inclusion.
The company faces competition from other BNPL players, including axio (formerly Capital Float), ZestMoney, CASHe, EarlySalary, LoanTap, PaySense, and MoneyTap. To fuel its lending operations, Snapmint collaborates with leading financial institutions such as Vivriti, MAS, Northern Arc, ICICI, and AU Small Finance Bank.
With this fresh funding, Snapmint is well-positioned to further its mission of making credit accessible and affordable for millions of Indian consumers, particularly in underpenetrated markets.
