Fintech startup Snapmint has raised $18 million debt and equity led by Prashasta Seth (Prudent Investment Manager). Perpetuity Ventures and Pegasus Fininvest also participated.
In August 2022, Snapmint had raised $21 million in equity and debt in its Series A round.
The proceeds will be used to invest in integrating more commerce portals, growing its merchant network and expanding its balance sheet.
Founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa, Snapmint is a BNPL (Buy Now Pay Later) platform that provides access to credit by allowing buyers to purchase mobiles, electronics and many other items.
The company’s digital platform, Nimbus, offers its partners personalized and easy-to-access solutions and helps them increase both their sales figures and their number of customers.
The Mumbai-based company claims to have grown sixfold in 2022, largely thanks to more than 300 D2C brands adopting Snapmint installment payments. According to the company, its app has been downloaded by 8 million consumers in India. It also claims to have over 4 million consumers on its platform, many of whom come from tier II and small towns.
It competes with axio (formerly Capital Float), ZestMoney, CASHe, EarlySalary, LoanTap, PaySense and MoneyTap. Its existing lending partners include Vivriti, MAS, Northern Arc, ICICI and AU Small Finance Bank.
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