Mumbai-based fintech startup Snapmint has raised US$125 million in a brand new funding spherical led by US-based personal fairness agency Normal Atlantic, with participation from Elev8 Enterprise Companions and present buyers Prudent Funding Managers and Kae Capital.
Based in 2017 by IIT-Bombay batchmates Nalin Agrawal, Abhineet Sawa, and Anil Gelra, Snapmint has raised US$140 million so far, in response to The Financial Instances.
Co-founder Nalin Agrawal mentioned that round 50% of the newly raised funds might be used to capitalise the corporate’s in-house NBFC, with the rest allotted to scaling up enterprise operations.
Of the entire, US$115 million is major capital, whereas the remaining is a secondary infusion from angel buyers and staff who offered shares.
“We’ll put money into integrating with extra manufacturers and enormous retailers, increase our buyer base, and in addition scale up credit-on-UPI in a worthwhile method,”
Agrawal mentioned.
Snapmint permits shoppers to transform their on-line purchases into EMIs, specializing in longer-tenure loans that embrace each zero-cost and interest-bearing choices, whereas steering away from conventional buy-now-pay-later fashions.
“We work with round 1,500 manufacturers together with Titan, Ixigo, Wakefit and others. We provide a pure-play EMI possibility like a client sturdy mortgage which will get reported to the credit score bureaus,”
Agrawal added.
The loans are processed through Snapmint’s personal captive NBFC, which handles roughly 1.5 million EMI transactions every month.
Not like many client financing startups that associate with giant e-commerce platforms, Snapmint collaborates immediately with manufacturers.
Its EMI fee possibility seems at checkout on model web sites. Roughly 25% of its prospects are new-to-credit, requiring underwriting by non-traditional strategies.
Snapmint reported ₹150 crore in income for FY25 and is concentrating on to double this determine within the present monetary yr.
Its revenue after taxes however earlier than ESOP prices stood at ₹10 crore, in response to Agrawal.
Featured picture credit score: Edited by Fintech Information Singapore, based mostly on picture by jcomp through Freepik