Exclusive: Snapmint set to raise $40 Mn led by General Atlantic

Buy now pay later startup Snapmint is negotiating a new funding round to the tune of $40 million, according to sources aware of the deal. This will be the third funding round for the Mumbai-based startup since March 2022.

“General Atlantic is in late-stage talks to lead a new funding round in Snapmint, with participation expected from existing investors as well, ” said one of the sources, requesting anonymity.

Six months ago, Snapmint raised $18 million in a mix of debt and equity, led by Prashasta Seth (Prudent Investment Manager), with participation from Perpetuity Ventures and Pegasus Fininvest. Prior to that, it had concluded a $21 million Series A round in August 2022. Its investors also include Kae Capital, 9 Unicorns, Anicut Capital and Negen Capital.

Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers access to credit by allowing shoppers to buy mobiles, electronics, health and wellness, kitchen and homes 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.

The company attributes much of its growth to D2C brands using Snapmint’s installment payment options.

“The terms of the deal have been finalized, valuing the company in the range of Rs 1,300–1,400 crore ($150–160 million). The investment is expected to be completed within a few weeks,” said another source, requesting anonymity as the talks are private.

General Atlantic declined to comment on the story. Queries sent to Snapmint and Prudent did not elicit a response until the publication of this story.

According to startup data intelligence platform TheKredible, Snapmint posted Rs 88.56 crore in revenue in FY24 against Rs 79.75 crore in FY23. The company’s loss remained flat at Rs 33.64 in FY24 compared to Rs 32.98 crore in the previous fiscal year. Its FY25 results has yet to be reported.

In the BNPL space, Snapmint competes with Axio (formerly Capital Float) and ZestMoney. While ZestMoney was acquired by DMI Group in a fire sale in January last year, Axio is all set to be taken over by e-commerce giant Amazon.