Snapmint Secures $125 Million Series B Funding Led by General Atlantic

Navi Mumbai-based Buy Now Pay Later (BNPL) startup Snapmint has successfully raised $125 million (approximately INR 1,100 crore) in a Series B funding round. The round was spearheaded by General Atlantic, with significant contributions from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and a group of existing angel investors. Nalin Agrawal, founder of Snapmint, clarified that the $125 million funding consists of $115 million in primary capital infusion and $10 million as secondary transactions. Snapmint plans to strategically deploy this capital to expand its merchant network, thereby increasing its reach across India. Additionally, the funds will be used to enhance its technological infrastructure, particularly its digital platform Nimbus, and to grow its innovative EMI-on-UPI offering. Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint provides installment-based credit solutions. Its platform enables shoppers to purchase goods like mobiles, electronics, and home essentials through easy payment terms, often offering no-cost EMI options. This model helps merchants connect with millions of potential customers, boosting sales and conversion rates. The company currently serves over 7 million monthly active users across 23,000 pincodes in India and facilitates more than 1.5 million purchases each month. Prior to this, Snapmint raised $18 million in a pre-Series B funding round in December 2024, led by Prashasta Seth of Prudent Investment Managers. Snapmint operates in a competitive space, facing rivals such as axio (owned by Amazon) and ZestMoney (owned by DMI). Other players like Paytm have also relaunched their BNPL products. The Indian fintech market is experiencing rapid growth, projected to reach $2.1 trillion by 2030, with revenues growing at a 40% CAGR. Impact This substantial funding round signifies strong investor confidence in Snapmint and the Indian BNPL sector. It will enable Snapmint to accelerate its growth, enhance its competitive position, and potentially drive further innovation in digital credit solutions for consumers. The increased competition and investment can lead to better offerings and wider accessibility of BNPL services across India. Rating: 8/10 Difficult terms BNPL (Buy Now Pay Later): A service that allows consumers to purchase goods or services and pay for them in installments over time, often without interest. Series B funding: The second round of funding a startup typically raises after its initial seed and Series A rounds, indicating a stage of growth and market validation. Primary capital: Funds raised by selling new shares, which directly increase the company's capital. Secondary transactions: The sale of existing shares by current shareholders to new investors, without directly injecting new capital into the company itself. Tech stack: The collection of technologies, programming languages, frameworks, and tools used to build and operate a software application or service. EMI-on-UPI: An offering that combines Equated Monthly Installments (EMI) with the Unified Payments Interface (UPI) payment system, allowing for seamless installment payments. CAGR (Compound Annual Growth Rate): A metric used to measure the average annual growth of an investment or revenue over a specific period, assuming profits are reinvested. Fintech: Financial technology, referring to companies and services that use technology to improve and automate the delivery and use of financial services.