Snapmint raises $18 mn in a mix of debt and equity

Fintech startup Snapmint has raised $18 million in a funding round that includes both debt and equity. The round was led by Prashasta Seth of Prudent Investment Managers, with contributions from Perpetuity Ventures, Pegasus Fininvest, and its existing investors.

Funding Utilisation

The startup plans to use the funds to integrate Snapmint with more shopping websites, expand its network of merchants, and grow its balance sheet to offer more loans.

Nalin Agrawal, co-founder of Snapmint said, “As an NBFC, a portion of the funds will be allocated for lending. We are also exploring co-lending and lending service provider partnerships with large banks to expand our lending capabilities, The funds will also be used to enhance our technology and product offerings. Initially focused on electronics, we’ve seen partnerships in this segment significantly drive website traffic for merchants. Moving forward, we plan to expand into categories such as beauty, technology, and offline brand collaborations,”.

In October 2022, Snapmint raised about $21 million,in a mix equity and debt funding round from existing investors like Prashasta Seth of Prudent Investment. The round also saw participation from Kae Capital, 9 Unicorns, Anicut Capital, and Negen Capital.

About-Snapmint 

Snapmint, a Mumbai-based company founded in 2017 by IIT Bombay alumni Agrawal, Anil Gelra, and Abhineet Sawa, aims to make EMI-based online shopping easier. The  BNPL (Buy Now Pay Later) platform offers high approval rates for customers without requiring credit cards, using UPI for transactions. It has over 35 million app downloads and operates in more than 26,000 PIN codes across India.

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The startup has partnered with brands like boat, Xiaomi, Croma, and Arvind Fashions, mainly in fashion and personal electronics. It also handles over 5 million purchase-financing transactions each year. The company operates offices in Mumbai, Bangalore, and NCR, mainly targeting Gen Z and Millennial consumers with its no-cost EMI solutions.

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