Snapmint raises $18M to expand no-cost EMI platform

Snapmint, an installment payment service for online shopping, secured $18 million in a funding round comprising debt and equity, the startup said on Wednesday.

Prashasta Seth of Prudent Investment Managers led the funding round, where Perpetuity Ventures and Pegasus Fininvest also participated, it said in a statement.

The startup will use the new capital to expand its merchant network, integrate with more shopping portals, and grow its balance sheet for increased lending capacity.

Snapmint provides zero-interest installment payment plans ranging from 3 to 12 months for online purchases. It primarily focuses on fashion and consumer electronics, with partnerships spanning brands like boAt, Xiaomi, Croma, and several lifestyle and apparel companies.

At present, Snapmint boasts more than 5 million active monthly users across its digital platform.

"Just as the offline consumer durable financing market boomed in the last two decades, we see a similar opportunity unfolding online on the back of UPI and ecommerce. Snapmint, with its vast customer and merchant network, is well poised to capitalise on this," Prashasta Seth, CEO of Prudent Investment Managers, said.

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“The last couple of years have been very exciting for Snapmint, and we are grateful for the unstinting support of our investors, brand partners, lenders, and above all, our team members. In the last 2 years, we have grown from 1 million purchase financing transactions a year to 5 million plus annual transactions, and now, have no-cost EMI partnerships with over 900 plus brands in India" said Nalin Agrawal, Co-founder of Snapmint.

Founded in 2017 by Abhineet Sawa, Nalin Agrawal, and Anil Gelra—all of whom are alumni of IIT Bombay—Snapmint is backed by investors, including Lightspeed Ventures, Northern Arc Capital, Anicut Capital, and 9Unicorns.