Exclusive: Snapmint crosses Rs 150 Cr revenue threshold in FY25, turns profitable

Buy now, pay later (BNPL) startup Snapmint has made a strong comeback in FY25, recording nearly 80% year-on-year revenue growth after a flat performance in FY24. The company also turned profitable during the year, according to two sources and documents reviewed by Entrackr.

Snapmint’s revenue from operations soared to Rs 158.5 crore in FY25 from Rs 88.5 crore in FY24, as per the documents.

Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers credit solutions for purchases in categories like electronics, health, and home essentials. Its digital platform, Nimbus, helps merchants boost sales and reach with customized credit options.

Interest income received from granting on services was the primary source of revenue, while commissions, subvention, discount from partners, and processing fees were other allied services for Snapmint.

According to the sources, Snapmint also turned black with a profit after tax of Rs 15 crore, a reversal from a loss of Rs 33.6 crore in FY24.

Queries sent to Snapmint did not elicit a response. Their comments will be added if and when they respond.

The company has also been in talks to raise fresh funding to the tune of $40 million, with General Atlantic likely to lead the round at a valuation of around $150-160 million. Entrackr exclusively reported this development last month.

According to the startup data intelligence platform TheKredible, the company has raised around $60 million to date, including its $18 million in a mix of debt and equity led by Prashasta Seth (Prudent Investment Manager), Perpetuity Ventures and Pegasus Fininvest

With offerings that go beyond credit cards, using credit scores instead to perform a credit check and provide limits, Snapmint certainly fills a use case that has become more relevant after the advent of UPI for many users. 

However, Snapmint faces competition from several BNPL players, including Axio, which was recently acquired by Amazon, Fibe (formerly EarlySalary), which raised $90 million from TR Capital, and Amara Capital. Other competitors include Simpl, Layup, DMI Group-owned ZestMoney, and a few others.

With investors no longer as willing to burn money to acquire customers or invest in community building, all the firms, especially those not affiliated to a large ecom platform, face the difficult challenge of access and recognition. With Fibe having raised significant capital, the journey ahead for Snapmint is tougher, but certainly not impossible. The best interest of these apps will be served by a tougher crackdown on unauthorised and illegal lending apps that will clear out the market and bring in a fresh, if smaller segment of new customers. A case for cooperation if there ever was one.