Fintech Startup Snapmint Secures $18 Million in Pre-Series B Round to Expand BNPL Offerings

Fintech Startup Snapmint Bags $18 Mn To Launch New BNPL Products

Mumbai-based fintech snap has raised $18 million in its Pre-Series B funding round, a mix of debt and equity. The round was led by Prashasta Seth of Prudent Investment Managers, with participation from new investor Perpetuity Ventures and existing backer Pegasus Fininvest.

While the company did not disclose its valuation, Snapmint co-founder Nalin Agrawal revealed that the startup raised funds at nearly three times the valuation of its previous funding round.

The raised capital will be used to enhance Snapmint's technology, expand its Buy Now Pay Later (BNPL) product offerings, broaden product categories, and onboard new merchant partners. Agrawal also emphasized the need to expand the company’s balance sheet, as Snapmint operates as a non-banking financial company (NBFC).

Founded in 2017 by IIT Bombay graduates Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint provides BNPL services aimed at offering credit access to Indians without credit cards. The platform primarily offers no-cost EMI options with three-month repayment plans on various products.

Snapmint received its NBFC license from the Reserve Bank of India in 2019 and has since partnered with brands like boAt, Xiaomi, Croma, Cult, Arvind Fashions, Neeman’s, The Sleep Company, Snitch, and Mokobara. Its BNPL services are available across more than 26,000 pin codes in India.

The startup sees significant activity in the fashion and personal electronics sectors, with over 5 million annual EMI purchases and 35 million app downloads. It is also piloting its EMI offerings for offline businesses, including partnerships with brands like The Sleep Company in Bengaluru and other merchants in Mumbai and Bengaluru.

On the financial front, Snapmint reported a revenue of INR 80 crore in FY24 and expects to close FY25 with INR 150–160 crore in revenue, with a goal to break even by year-end.

This funding round follows an earlier raise of $21 million in 2022, bringing Snapmint’s total funding to over $38 million. The startup competes with other BNPL providers like Simpl, BharatX, and LazyPay.