Snapmint, a rising fintech player in India’s buy-now-pay-later (BNPL) and equated-monthly-instalment (EMI) market, has secured $125 million in a new funding round led by General Atlantic, with participation from Elev8 Venture Partners and existing investors including Prudent Investment Managers and Kae Capital.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint enables consumers to convert their online purchases into flexible EMI plans largely via UPI-based financing rather than traditional credit-card models. The company reports that it currently serves over 7 million monthly active users across 23,000 pincodes and processes over 1.5 million purchases per month.
Strategic Growth and Use of Funds
Snapmint plans to deploy about 50 % of the newly raised capital to capitalise its in-house NBFC business, with the remaining funds to scale operations, deepen merchant partnerships, and expand its EMI-on-UPI product offerings. The startup is set on a mission to reach 100 million consumers in the coming years, riding the wave of India’s digital credit evolution.
Market Context
The fresh infusion from General Atlantic reflects sustained investor appetite for Indian fintechs that build scalable infrastructure for credit and payments. Snapmint’s focus on longer-tenure EMI plans, integration with brands at checkout instead of app-based wallets, and reported profitability (net profit of approximately ₹15 crore in FY25) underline its business momentum.
Competitive Landscape
Snapmint competes with other consumer-credit players like ZestMoney, LazyPay, Simpl, PayU PayLater and OneCard but its unique proposition lies in UPI-native, checkout-integrated EMIs rather than simple pay-later buckets tied to cards.
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