General Atlantic to lead $100 million round in consumer-lending startup Snapmint
Mumbai: Consumer lending platform Snapmint is in the process of raising $100 million in a fundraising round led by General Atlantic alongside existing investors such as Elev8 Venture Partners and Kae Capital, four people familiar with the matter said.
“The capital is likely to come in two tranches, with General Atlantic being the lead investor pumping in close to $75-80 million,” one of them said. “The first tranche will be approximately $40 million with the remaining infusion [expected] in the following months.”
“The bulk of the round will be seed money that will be used to fund the company’s expansion plans, while the rest will include secondary share sales from angel investors, with Kae and Elev8 doubling their investment,” another person said.
In a secondary transaction, shareholders sell their shares to other existing or new investors and no new capital is injected into the company.
The Snapmint financing is expected to close in the coming weeks, a third person said.
All four people familiar with Snapmint’s fundraising plans spoke on condition of anonymity. Snapmint, General Atlantic, Kae and Elev8 did not respond to Mint’s emailed requests on Sunday.
Snapmint’s journey
Snapmint, which offers short-term loans to buy items like smartphones and refrigerators online, raised nearly $18 million last year. Customers do not need a credit card to make such purchases.
This financing round, comprising debt and equity, was led by Prashasta Seth, founder and managing director of Prudent Investment Managers, with contributions from Perpetuity Ventures, Pegasus Fininvest and existing investors.
At the time, the consumer credit startup outlined plans to use the funds to integrate with additional shopping platforms, expand its merchant network and grow its balance sheet to accommodate increased loan payments.
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.
Founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa, Snapmint had over 5 million monthly active users with over 26,000 pin codes on its platform in December. Some of the prominent brand partners include boAt, Xiaomi, Croma, Cult, Arvind Fashions, Neeman’s, The Sleep Company, Snitch and Mokobara.
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.
