Buy Now Pay Later (BNPL) platform Snapmint has successfully raised $125 million in a Series B funding round led by General Atlantic, with additional participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and several existing angel investors. This significant capital infusion is expected to fuel Snapmint’s next phase of growth, with a focus on expanding its EMI-on-UPI offering and strengthening its merchant partnerships across India.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, the Mumbai-based fintech startup has built a reputation for making digital shopping affordable and inclusive for millions of Indians. By combining the simplicity of UPI payments with the convenience of installment options, Snapmint is redefining how consumers shop online and offline.
Expanding EMI-on-UPI Across India
Snapmint’s EMI-on-UPI model enables customers to divide their payments into easy monthly installments without the need for a credit card. This innovation allows millions of young Indians and first-time credit users to access flexible financing options instantly through their UPI apps. The new funding will help the company extend its reach to more cities, bring new merchants onto its platform, and enhance its technology to offer faster and smoother transactions.
Currently, Snapmint serves over 7 million monthly active users and operates across 23,000 pincodes nationwide. The platform funds over 1.5 million purchases every month, helping consumers buy products across categories such as electronics, fashion, travel, home, and lifestyle. The company also supports merchants by improving checkout conversions through seamless EMI plans that make purchasing power more accessible.
Building a Competitive Edge
The BNPL and consumer credit space in India has grown rapidly, with several players competing for market share, including ZestMoney, LazyPay, Simpl, Axio, PayU PayLater, ICICI PayLater, and CRED. Despite the competition, Snapmint has managed to carve out a distinct position with its UPI-based EMI system, which removes the dependency on credit cards. This unique offering makes Snapmint particularly appealing to consumers in smaller cities and towns who rely primarily on UPI payments for daily transactions.
Co-founder Nalin Agrawal revealed that out of the $125 million raised, $115 million came as primary capital, while the rest was through secondary transactions. The secondary portion of the deal also allowed some early angel investors to exit the company. Although Snapmint did not disclose its latest valuation, investors’ participation reflects growing confidence in the startup’s scalable business model.
Strong Financial Growth and Profitability
Snapmint’s financial performance has been equally impressive. For the fiscal year ending March 2025 (FY25), the company recorded Rs 158.5 crore in revenue, representing an 80% year-on-year increase. More importantly, Snapmint turned profitable, reporting a net profit of Rs 15 crore—a major milestone for a BNPL startup operating in a highly competitive market.
According to startup data firm TheKredible, Snapmint has raised around $140 million to date, including an earlier $18 million in a mix of debt and equity secured in December last year. With this new round, General Atlantic now holds an 18.8% stake in the company.
The Road Ahead
With a growing user base, increasing merchant partnerships, and a strong revenue trajectory, Snapmint is setting its sights higher. The company aims to reach more than 100 million consumers over the next few years while doubling its revenue in the ongoing fiscal year. Backed by leading global investors and a customer-first approach, Snapmint is well-positioned to lead India’s next wave of digital consumer finance, turning every purchase into a simple, affordable, and stress-free experience.