Fintech startup Snapmint raises $9 Mn in Series A round

Fintech startup Snapmint has raised $9 million in its Series A round led by Prashasta Seth, CEO & CIO of Prudent Investment Managers. 

The round also saw participation of 9 Unicorns, Anicut Capital, Negen Capital, Livspace founder Ramakant Sharma, Usama Fayyad - Chairman of Open Insights and head of Institute for Experiential AI at Northeastern University, among other angel investors. 

With this round of investment, Snapmint plans to expand its network of merchants, launch a suite of innovative BNPL  products and power the purchases of over 450 million consumers in India, it said in a press release.  

Founded in 2017 by Nalin Agrawal, Anil Gelra, Abhineet Sawa and Rahul Agarwal, Snapmint is a BNPL (Buy Now Pay Later) platform that offers options by democratizing access to credit. Shoppers buy mobiles, electronics, and many other items using a simple 5-minute online process. 

Snapmint claims to have over 4 million consumers on its platform, many of who are from Tier 2/smaller towns, and serves over 27,000 pin-codes across India. According to the Mumbai-based startup, it grew over 4x in the last six months.