Consumer-fintech startup Snapmint has raised $125 million in fresh funding led by General Atlantic, marking one of the largest capital infusions this year in India’s fast-evolving pay-later ecosystem. The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and a group of existing angel investors, according to the company’s filings.
Founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa, Snapmint offers instant EMI options for online shoppers without requiring a credit card. The Mumbai-based firm said the new funds will be used to scale its EMI-on-UPI platform, expand its merchant network across India, and enhance its underwriting and risk systems to ensure faster and more secure transactions.
“Our goal is to make EMI-based shopping as seamless as a UPI payment,” the company said in a statement. “The new capital will help us deepen our merchant integrations and bring the EMI-on-UPI experience to millions more customers.”
Growth and reach
Snapmint currently serves over 7 million monthly active users and facilitates around 1.5 million purchases every month across 23,000 pincodes, giving it one of the widest consumer footprints in the fintech lending space. Its technology platform enables users to split purchases into smaller instalments directly at checkout, both online and offline.
The company’s proposition targets a growing segment of consumers who use UPI for payments but lack access to credit cards or formal credit lines. By embedding instant instalment options at the point of sale, Snapmint aims to boost merchant conversions while expanding financial inclusion among first-time borrowers.
The bigger picture
Industry experts see the fundraise as a strong global endorsement of UPI-linked credit and India’s broader digital consumption story. While several “buy now, pay later” players have struggled with regulatory constraints and profitability pressures, Snapmint’s focus on merchant partnerships and EMI-on-UPI gives it a potentially sustainable edge.
For investors like General Atlantic, the bet aligns with India’s digital credit boom, driven by increasing smartphone penetration, UPI ubiquity, and consumer appetite for short-tenure credit.
What lies ahead
The fresh funds will allow Snapmint to:
- Onboard more merchants across electronics, lifestyle, and mobility categories.
- Integrate deeper with UPI infrastructure to offer near-instant EMI approvals.
- Refine its credit models to minimise default risks as it scales into newer geographies.
Analysts say the company’s next phase will depend on balancing growth with quality underwriting. With UPI-based EMI expected to become a mainstream payment method, competition from larger fintechs and banks is also set to intensify.
Still, the latest round positions Snapmint among a handful of Indian consumer-fintechs with both scale and institutional capital backing, at a time when investors have been selective in the sector.
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