Snapmint secures $18M to expand its merchant network and enhance no-cost EMI accessibility across India. The funding round combines debt and equity investments to fuel its growth in partnership expansion, balance sheet scaling, and disbursement capacity.
Snapmint secures $18M to boost growth
The funding round was led by Prashasta Seth of Prudent Investment Managers, with participation from Perpetuity Ventures and Pegasus Fininvest. Existing lending partners such as Vivriti, MAS, Northern Arc, ICICI, and AU Small Finance Bank continue to support Snapmint, citing its robust fundamentals and low non-performing assets (NPAs).
Expanding the merchant network
With this fresh capital, Snapmint plans to onboard more merchants and strengthen its existing collaborations. Currently, it partners with over 900 brands, including prominent names like boAt, Xiaomi, Croma, and Neeman’s. The platform’s merchant network and user-friendly app make it a leader in the fintech space.
Impressive user and app growth
Snapmint’s EMI shopping app has garnered over 35 million downloads and serves over 5 million monthly active users. Its services span across 26,000 pin codes, making no-cost EMI available to a vast customer base. Purchases mainly occur in fashion and personal electronics, emphasizing accessibility without a credit card.
Leadership and vision
Founded in 2017 by IIT Bombay alumni Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint aims to democratize online shopping. Its innovative approach eliminates traditional barriers, requiring only a working UPI for EMI purchases.
Nalin Agrawal, Snapmint’s co-founder, stated, “In the last two years, we’ve grown from 1 million to over 5 million annual transactions. Our no-cost EMI partnerships and strong merchant base position us as a top fintech company in India.”
Investor confidence
Prashasta Seth, CEO of Prudent Investment Managers, remarked, “Snapmint is well-positioned to capitalize on the growing e-commerce and UPI-driven market. Its extensive customer and merchant network creates immense value across the ecosystem.”
Abhishek Singhal of Perpetuity Ventures added, “The team’s understanding of customer needs and risk management is exceptional, making Snapmint a frontrunner in the financial services sector.”
With a proven track record and a vast market opportunity, Snapmint continues to lead the charge in making no-cost EMI a reality for millions.
