General Atlantic Invests $125 Million in Fintech Startup Snapmint
New York-based private equity firm, General Atlantic, known for its venture capital and growth equity investments in India, has recently led a significant funding round in the fintech startup, Snapmint.
Funding Details
Snapmint has successfully raised $125 million (approximately Rs 1,110 crore) in this funding round. This announcement follows an initial report in September regarding the startup’s plans for a substantial funding venture.
About Snapmint
Founded in 2017 by IIT Bombay alumni Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint aims to transform the online shopping experience by offering free equated monthly installment (EMI) solutions across various categories. The startup boasts partnerships with prominent brands like Xiaomi, Croma, Cult, Arvind Fashions, Zepto, and Swiggy.
Market Position and Growth
Snapmint operates in the competitive buy now, pay later (BNPL) sector, going head-to-head with established names such as Fibe and Axio. Currently, the platform enjoys over 7 million monthly active users, servicing around 23,000 pin codes across India and facilitating over 1.5 million transactions each month.
Plans for Expansion
With this newfound capital, Snapmint plans to enhance its EMI offerings via UPI and expand its network of merchant partners. Co-founder Nalin Agrawal stated, “We believe India will transition from credit cards directly to EMI on UPI. Since 2020, we have pioneered EMI on UPI and have enabled brands to see a sales increase of 10-20% through our offerings.”
Previous Investments
In December, Snapmint raised $18 million (over Rs 150 crore at that time) through a mix of equity and debt, led by Prashasta Seth, with participation from Perpetuity Ventures and Pegasus Fininvest. Radix Capital Advisors acted as the exclusive investment banking advisor in the latest funding round.
General Atlantic’s Strategic Moves
The investment in Snapmint marks General Atlantic’s second fintech investment in recent days. Earlier, the firm doubled its stake in PhonePe, participating in a $600 million secondary funding round, increasing its ownership from 4.4% to 9%. This new strategy complements the firm’s ongoing monetization of its investments in India.