EMI payments platforms Snapmint raises $125M in funding round led by General Atlantic
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers credit-free EMI options to consumers through UPI and serves more than 7 million monthly active users across 23,000 pin codes.
Consumer financing platform Snapmint has reportedly raised about $125 million in a funding round led by global growth investor General Atlantic.
Existing backers including Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and several angel investors also participated in the round.
The Mumbai-based company plans to use the capital to expand its EMI (equated monthly instalment) on UPI offering and its merchant network across the country.
Though the financial terms of the round weren’t disclosed in the company’s statement, according to media the round size was roughly $125 million.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers credit-free EMI options to consumers through UPI. The company said it now serves more than 7 million monthly active users across 23,000 pin codes and finances about 1.5 million purchases each month. Shoppers increasingly use the platform for fashion, furnishing, and lifestyle products, in addition to electronics, home, and travel.
“We believe India will leapfrog credit cards and go straight to EMI on UPI,” said Nalin Agrawal, Snapmint’s Co-founder, in the statement.
“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,” he added.
“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.” said Shantanu Rastogi, Managing Director and Head of India at General Atlantic.
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.
Prudent, which first invested in Snapmint in 2020, has backed the fintech firm through multiple funding rounds, including in 2021, 2023, and 2024.
Radix Capital Advisors, led by Abhishek Taparia, acted as Snapmint’s exclusive investment banking advisor.
Edited by Swetha Kannan