EMI payments platform Snapmint has raised $125 million in a new funding round led by global growth investor General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors.
The company plans to use the capital to expand its Equated Monthly Instalments (EMI) on UPI offering and strengthen its merchant network across India.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint provides consumers with flexible payment options without requiring a credit card.
The company currently claims to serve more than 7 million monthly active users across 23,000 pincodes and finances over 1.5 million purchases each month.
“We believe India will leapfrog credit cards and go straight to EMI on UPI, “With this new funding, we are excited to have General Atlantic join our journey to bring EMI payment solutions to over 100 million consumers," said Nalin Agrawal, Co-founder of Snapmint.
In December 2024, Snapmint raised $18 million in a funding round comprising debt and equity led by Prashasta Seth of Prudent Investment Managers, with contributions from Perpetuity Ventures, Pegasus Fininvest, and its existing investors.
Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said, “Snapmint has built one of India’s largest EMI-on-UPI platforms with a strong value proposition of affordability for consumers and increased sales for merchants.”
Snapmint has formed partnerships with brands such as boAt, Xiaomi, Croma, and Arvind Fashions, focusing largely on fashion and personal electronics. The company facilitates over 5 million purchase-financing transactions annually.
In October of 2022, Snapmint raised around $21 million in an equal mix of equity and debt from existing investors like Prudent Investment’s Prashasta Seth. The funding round also saw participation from Kae Capital, 9 Unicorns, Anicut Capital, Negen Capital.
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