Snapmint raises in Series B round $125 Mn led by General Atlantic

Snapmint, one of India's fastest growing EMI payments platforms, has raised $125 million in its Series B funding round led by General Atlantic.

The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors. 

The funds will be used to expand its EMI-on-UPI services and strengthen its merchant network.

Read also- Dabur India launches Rs 500 crore investment platform 'Dabur Ventures'

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.”

Advertisment

About Snapmint 

Founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa, Snapmint allows consumers to pay via EMIs on UPI without needing a credit card. It offers installment-based payments across categories like electronics, travel, fashion, home, and lifestyle.

The platform currently serves 7 million monthly active users across 23,000 pincodes in india and finances over 1.5 million purchases each month. By offering flexible EMI options at checkout, Snapmint helps merchants boost sales and conversions.

It competes with BNPL and EMI players such as ZestMoney, LazyPay, Axio, Simpl, PayU PayLater, ICICI PayLater, and CRED, but stands out for its focus on EMI through UPI.

Snapmint now aims to expand its reach to over 100 million consumers in the coming years.

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Latest Business and Startup News: Discover Funding Trends and Stories Shaping Indian Startups.

Advertisment

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving success.