Consumer lending platform Snapmint raises $125 mn in new funding round led by General Atlantic
Consumer lending platform Snapmint has raised $125 million in a new financing round led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and existing angel investors.
Mint On October 13, it was first to report that Snapmint was in talks to raise approximately $100 million in a multi-tranche fund.
The funding round will consist of $115 million in primary capital and the rest in secondary capital, which will provide an exit to several early-stage angel investors, company founder Nalin Agarwal said on Friday.
He also said the transaction would be completed within the next two to three months. “The capital will be used to expand our merchant base, enhance our technology and scale our EMI-on-UPI offering, which is a huge opportunity,” Agrawal said.
The fundraise underscores the growing demand for India’s UPI credit segment; this segment saw record usage this festive season, with young customers taking advantage of microloans and EMI-based payments. Platforms such as Snapmint and Kiwi have seen young shoppers take advantage of low-interest consumer loans for their festive season purchases.
In September, Snapmint saw the total volume of interest-free EMI transactions rise to over 1 million from around 350,000 a year ago.
“Snapmint has created one of India’s largest EMI-on-UPI platforms, driving affordability to consumers and sales to merchants,” said Shantanu Rastogi, managing director and head of India at Atlantic.
Radix Capital Advisors, led by Abhishek Taparia, served as Snapmint’s exclusive investment banking advisor, the company said.
Founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa, all IIT Bombay graduates, Snapmint offers cardless EMI solutions for India’s affluent mass consumers. Beyond electronics and travel, its users are increasingly financing fashion, home and lifestyle purchases through its platform.
The company claims to serve more than seven million monthly active users with 23,000 pin codes and finance more than 1.5 million purchases every month.
Snapmint’s revenue from operations ₹158.5 crore in 2024-25 ₹It was 88.5 crore in the previous year, according to Entrackr’s report in July. The company also made a net profit ₹With a loss of 15 crore in FY25. ₹33.6 crore in FY24.
Snapmint has raised $65 million in 18 rounds to date and was valued at $141 million in June, according to market intelligence platform Tracxn. Its other investors include Anicut Capital, 9Unicorns and Negen Capital.
