Fintech startup Snapmint has raised a total of $21 million in equity and debt as a part of its Series A round. The equity was led by Prashasta Seth, CEO & CIO of Prudent Investment Managers and the round also saw participation from Kae Capital, 9 Unicorns, Anicut Capital and Negen Capital.
The Mumbai-based company had already raised $9 million in Series A round in March this year. Livspace founder Ramakant Sharma, Usama Fayyad, Chairman of Open Insights, among other angel investors also invested in the company.
Snapmint intends to deploy the funds to expand its merchant network both online and offline to power the purchases of 550 million PAN card holders Indian consumers, the company said in a press release.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint is a BNPL (Buy Now Pay Later) platform that offers access to credit by allowing shoppers to buy mobiles, electronics, and many other items.
The company’s digital platform Nimbus offers customised and easy-to-access solutions to its partners and helps them increase both sales figures and customer numbers.
Snapmint claims to have grown six fold in 2022, largely driven by over 300 D2C brands adopting Snapmint instalment payments. As per the company, its app has been downloaded by 8 million consumers in India. It also claims to have over 4 million consumers on its platform, many of whom are from tier II and smaller towns.
Snapmint lends through its own NBFC platform and banking partners including AU Small Finance Bank and Kotak Mahindra. In the BNPL space, it competes with the likes of axio (formerly Capital Float), ZestMoney, CASHe, EarlySalary, LoanTap, PaySense, and MoneyTap.
In August, EarlySalary raised $110 million in Series D round whereas digital lending company axio also scooped up $50 million in Series D in September last year to scale its BNPL platform.