Fintech startup Snapmint has raised $9 mn in its Series A round led by Prashasta Seth, CEO & CIO of Prudent Investment Managers.
9 Unicorns, Anicut Capital, Negen Capital, Livspace founder Ramakant Sharma, Usama Fayyad, Chairman of Open Insights and among other angel investors also participated in the funding round.
The startup said that funds will use to expand its network of merchants, launch a suite of innovative BNPL products, and power the purchases of over 450 million consumers in India.
“We are excited to partner with marquee investors and industry leaders in our growth journey. This investment will boost our expansion plans as we look to grow our merchant partners 50X pan India and bring a unique shopping experience to our customers. Our transaction-led underwriting models allow us to democratise access to credit, provide fair financial terms, and give the freedom of choice to our consumers.” Nalin Agrawal, Co-founder of Snapmint, said.
founded in 2017 by IIT Bombay alumni Rahul Agarwal,Nalin Agarwal,Anil Gelra, Abhineet Sawa, Snapmint is a BNPL (Buy Now Pay Later) platform that offers options by democratizing access to credit.
“We are truly impressed by the team’s ability to underwrite young customers from Tier-II/small towns instantly and seamlessly, which shows in the portfolio quality. This differentiates them from a vast majority of the other players in the space. We are proud to partner with Snapmint on this growth journey and look forward to powering the next revolution in digital payments and purchase financing,” added Prashasta Seth, CEO, and CIO of Prudent Investment Managers.
Snapmint makes shopping on installments possible without credit cards – to help customers afford more. Shoppers buy Mobiles, Electronics, Appliances and many other items using our simple 5-minute Online process. Most products on Snapmint are available at No-cost EMIs for 3-month plans.