Source: Entrackr
Mumbai – Buy Now Pay Later (BNPL) startup Snapmint is launching a new funding round to raise $40 million. According to sources familiar with the situation, “General Atlantic is in late-stage talks to lead a new funding round in Snapmint, with participation expected from existing investors as well, ”
This will be Snapmint’s third significant funding round since March 2022.
The terms of the deal have been finalized, valuing the company in the range of Rs 1,300–1,400 crore ($150–160 million). The investment is expected to be completed within a few weeks,” said another source, requesting anonymity as the talks are private.
Six months ago, Snapmint raised $18 million, both debt and equity. This round was led by Prashasta Seth of Prudent Investment Managers, who was joined by Perpetuity Ventures and Pegasus Finvest. Before that, Snapmint raised $21 million in a Series A last August 2022.
Other investors in Snapmint include Kae Capital, 9Unicorns, Anicut Capital, and Negen Capital.
What Snapmint Offers
Snapmint was founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa as a startup, enabling the purchase of products including mobile phones, electronics, wellness and fitness products, and home goods with easy monthly payments.
Its digital platform Nimbus provides partner brands with an easy and simple credit option for customers. Snapmint is a favorite among direct-to-consumer (D2C) brands, aiding their rapid expansion.
Financial Performance
Startup data platform TheKredible has shown that Snapmint saw revenue increase from ₹79.75 crore in FY23 to ₹88.56 crore in FY24, with losses relatively consistent at around ₹33 crore for the same period, and FY25 results still have yet to be published.
The company crossed over 35 million app downloads and claims to have 5 million + monthly active users and partners with over 900 brands, including boAt, Xiaomi, Croma, Cult and more, with their services operated in more than 26,000 pin codes throughout India.
Snapmint also collaborates with lenders as partners and partners such as Vivriti, MAS Financial, Northern Arc, ICICI Bank, and AU Small Finance Bank.
Competing in a fiercely competitive market
Snapmint competes with many BNPL players, including Axio (formerly Capital Float) and ZestMoney. ZestMoney was sold in a distress sale by DMI Group recently, while Axio is reportedly being bought by Amazon.
The new funds will help Snapmint increase its merchant base, pursue new product categories, and enhance its technology platform. The company is also working towards profitability in 2025.
General Atlantic, Prudent Investment Managers, and Snapmint did not respond to requests for comment.
