Snapmint, a Mumbai-based fintech startup, has raised $9 million in its Series A round led by Prashasta Seth, CEO and CIO of Prudent Investment Managers.
9 Unicorns, Anicut Capital, Negen Capital, Livspace founder Ramakant Sharma, Usama Fayyad (Chairman of Open Insights and Head of Institute for Experiential AI at Northeastern University), among other angel investors, also participated in the funding round.
As per the startup, the raised funds will be used to expand its network of merchants, launch a suite of innovative BNPL products, and power the purchases of over 450 million consumers in India.
Snapmint | Democratizing Purchase Financing
Founded by IIT Bombay batchmates Nalin Agrawal, Abhineet Sawa, Anil Gelra, and Rahul Agarwal in 2017, Snapmint is a BNPL (Buy Now Pay Later) platform that is making it easy for Gen Z consumers to buy any lifestyle category product — be it clothes, accessories, or mobile phones — using small instalments and no-cost monthly payment options.
Speaking about the development, Nalin Agrawal, Co-founder of Snapmint, said,
“We are excited to partner with marquee investors and industry leaders in our growth journey. This investment will boost our expansion plans as we look to grow our merchant partners 50X pan India and bring a unique shopping experience to our customers. Our transaction-led underwriting models allow us to democratise access to credit, provide fair financial terms, and give the freedom of choice to our consumers.”
The Mumbai-based fintech startup has over four million consumers on its platform, many of who are from Tier II/smaller towns. Serving over 27,000 pin codes across India, Snapmint allows retail consumers to buy with instant credit and realise savings. It also helps merchants tap into a significantly larger customer base and get a greater benefit for the buck on marketing spending.
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