BNPL startup Snapmint raises $125 Mn led by General Atlantic

Buy now pay later startup Snapmint has raised $125 million in its Series B funding led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors. 

The proceeds will be used to expand its EMI-on-UPI offering and grow its merchant network. 

Recently, Entrackr exclusively reported on Snapmint’s fundraise. 

In an interaction with Entrackr, co-founder Nalin Agrawal said that $115 million came in as primary capital, while the remaining amount was raised through a secondary transaction. According to the company, the round will provide an exit to some of its early angel investors. However, it did not comment on the current valuation.

Founded in 2017 by Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint enables consumers to pay through EMIs on UPI without a credit card. The company offers installment-based payments across categories including electronics, travel, fashion, home, and lifestyle products.

Snapmint currently serves 7 million monthly active users across 23,000 pincodes in India and funds over 1.5 million purchases per month. The platform helps merchants increase conversions by offering flexible EMI plans at checkout.

Snapmint competes with BNPL and EMI-focused players such as ZestMoney, LazyPay, Axio, Simpl, PayU PayLater, ICICI PayLater, and CRED in the consumer credit and checkout financing space. Its focus is EMI via UPI, which does not require a credit card.

The company plans to scale its presence and reach more than 100 million consumers over the next few years. 

According to startup data intelligence platform TheKredible, Snapmint has raised around $140 million to date, including $18 million in a mix of debt and equity secured in December last year. Following the latest allotment, General Atlantic will hold an 18.8% stake in the company. 

For the fiscal year ended March 2025 (FY25), Mumbai-based Snapmint reported a nearly 80% year-on-year increase in revenue to Rs 158.5 crore and turned profitable with a net profit of Rs 15 crore.

Agrawal added that the firm will close the ongoing fiscal year (FY26) with a two-fold jump in revenue.