Mumbai-based fintech startup Snapmint has raised US$125 million in a brand new funding spherical led by US-based non-public fairness agency Normal Atlantic, with participation from Elev8 Enterprise Companions and present buyers Prudent Funding Managers and Kae Capital.
Based in 2017 by IIT-Bombay batchmates Nalin Agrawal, Abhineet Sawa, and Anil Gelra, Snapmint has raised US$140 million thus far, in accordance with The Financial Occasions.
Co-founder Nalin Agrawal mentioned that round 50% of the newly raised funds will probably be used to capitalise the corporate’s in-house NBFC, with the rest allotted to scaling up enterprise operations.
Of the entire, US$115 million is main capital, whereas the remaining is a secondary infusion from angel buyers and staff who offered shares.
“We’ll spend money on integrating with extra manufacturers and enormous retailers, increase our buyer base, and in addition scale up credit-on-UPI in a worthwhile method,”
Agrawal mentioned.
Snapmint permits shoppers to transform their on-line purchases into EMIs, specializing in longer-tenure loans that embody each zero-cost and interest-bearing choices, whereas steering away from conventional buy-now-pay-later fashions.
“We work with round 1,500 manufacturers together with Titan, Ixigo, Wakefit and others. We provide a pure-play EMI possibility like a shopper sturdy mortgage which will get reported to the credit score bureaus,”
Agrawal added.
The loans are processed by way of Snapmint’s personal captive NBFC, which handles roughly 1.5 million EMI transactions every month.
In contrast to many shopper financing startups that accomplice with massive e-commerce platforms, Snapmint collaborates instantly with manufacturers.
Its EMI cost possibility seems at checkout on model web sites. Roughly 25% of its prospects are new-to-credit, requiring underwriting by way of non-traditional strategies.
Snapmint reported ₹150 crore in income for FY25 and is focusing on to double this determine within the present monetary yr.
Its revenue after taxes however earlier than ESOP prices stood at ₹10 crore, in accordance with Agrawal.
Featured picture credit score: Edited by Fintech Information Singapore, primarily based on picture by jcomp by way of Freepik