The round, which consisted of a mix of debt and equity, was led by Prashasta Seth of Prudent Investment Managers, and also saw participation from new investor Perpetuity Ventures and existing investor Pegasus Fininvest.
Snapmint co-founder Nalin Agrawal told Inc42 that the funding was raised almost at 3x the valuation of the last funding round.
Snapmint’s BNPL offerings are available for categories such as consumer electronics, health and wellness.
Fintech startup based in Mumbai Instant mint
raised $18 million in its pre-Series B funding round. The round, which consisted of a mix of debt and equity, was led by Prashasta Seth Prudent Investment Managers, and also saw participation from new investor Perpetuity Ventures and existing investor Pegasus Fininvest.
Without disclosing the valuation, Snapmint co-founder Nalin Agrawal told Inc42 that the funding was raised almost at 3x the valuation of the last funding round.
The startup plans to use the capital to improve its technology, launch new BNPL products, expand product categories and onboard new merchants. “…as we are an NBFC, we also need to expand our balance sheet,” Agrawal said.
Founded in 2017 by IIT Bombay graduates Agrawal, Anil Gelra and Abhineet Sawa, Snapmint offers BNPL offerings with the aim of helping Indians without credit cards access credit. It claims that most of the products on its platform are available free from EMIs with three-month plans.
It obtained the NBFC license from the Reserve Bank of India in 2019.
Snapmint’s BNPL offerings are available for categories such as consumer electronics, health and wellness. Most purchases are made in the fashion and personal electronics segment.
The startup has tie-ups with brands like boAt, Xiaomi, Croma, Cult, Arvind Fashions, Neeman’s, The Sleep Company, Snitch and Mokobara, among others. Its offers are available in over 26,000 PIN codes in the country.
Currently, the startup claims to offer 5 million EMI purchases on an annual basis and have over 35 million app downloads.
Snapmint is now also testing EMI offers for offline businesses. “We are currently testing our EMI offers with select merchants. We started our pilot with The Sleep Company in Bangalore, and now we are working with other brands as well, mainly in Bangalore and Mumbai,” said co-founder Sawa.
On the financial front, Agrawal said the startup’s revenue stood at INR 80 Cr in FY24. It expects to close FY25 with revenue between INR 150 Cr and 160 Cr INR and also plans to break even by the end of the year.
Fundraising comes almost two years later Snapmint raised $21 million in equity and debt. The round was led by Seth and also saw participation from Kae Capital, 9 Unicorns, Anicut Capital and Negen Capital.
With this investment, the startup has has raised total funding of over $38 million to date.
Snapmint competes with Simpl, BharatX, LazyPay, among others.