Indian fintech startup Snapmint raises $125m funding
- ByStartupStory | October 31, 2025
Indian Fintech Startup Snapmint Raises $125 Million in Major Funding Round
Snapmint, a Mumbai-based fintech startup specializing in Equated Monthly Instalments (EMI) payment solutions on the Unified Payments Interface (UPI), has raised $125 million in a fresh funding round led by global growth investor General Atlantic. The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors. This marks one of the most significant capital raises in India’s consumer credit fintech space in 2025.
Founded in 2017 by IIT Bombay alumni Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers consumers flexible and accessible EMI options for online purchases without the need for credit cards. Its platform currently serves over 7 million monthly active users across 23,000 pincodes in India and processes more than 1.5 million purchase-financing transactions each month. The company focuses on payments for consumer durable goods, electronics, fashion, furnishing, home, travel, and lifestyle products.
Snapmint’s proprietary offering gives consumers the ability to convert purchases on brand websites directly into EMIs on UPI, bypassing traditional credit card usage. This approach aims to capture a largely untapped market in India where credit card penetration remains low but digital payments via UPI have surged. By enabling EMI-on-UPI, Snapmint provides long-duration loans with a mix of zero-cost and interest-bearing options. The startup operates with its in-house Non-Banking Financial Company (NBFC), processing loans and reporting them to credit bureaus, establishing formal credit histories for many first-time borrowers.
The $125 million funding will be deployed to capitalize Snapmint’s in-house NBFC and scale operations, with about half going towards expanding its lending capacity and the rest dedicated to growing its merchant network and consumer base. Snapmint has already partnered with more than 1,500 brands, including household names like Titan, Ixigo, Wakefit, boAt, Xiaomi, Croma, and Arvind Fashions. These collaborations allow brands to offer flexible payments, increasing conversion rates and customer retention.
Co-founder Nalin Agrawal commented, “We believe India will leapfrog credit cards and go straight to EMI on UPI. We pioneered EMI on UPI since 2020 and have enabled brands to increase their sales by 10-20% with our offering. With this new funding, we are excited to have General Atlantic join our journey to bring EMI payment solutions to over 100 million consumers in the coming years.”
Snapmint’s business model differs from typical buy-now-pay-later (BNPL) platforms by focusing on longer-term instalments through NBFC-backed loans, combining affordability with credit building. Around 25% of its customers are new-to-credit without prior credit histories, underwritten using alternative data and AI-based risk assessment models.
Financially, Snapmint reported revenue of approximately INR 150 crore in fiscal year 2025 and aims to double that figure in the next year. The company’s profit before ESOP costs stood at INR 10 crore, indicating promising unit economics and growth sustainability.
The funding also supports technology investments focused on enhanced credit underwriting, risk management, and customer experience improvements. Snapmint prioritizes responsible lending practices, tapping into data analytics to reduce defaults while extending credit access to underserved consumers.
India’s burgeoning e-commerce sector and the rise of digital payments platforms have created fertile ground for EMI fintech solutions. Snapmint competes with other prominent players such as ZestMoney, LazyPay, Simpl, and PayU PayLater but distinguishes itself through its pure-play EMI strategy, comprehensive NBFC integration, and strong partnerships with brands rather than marketplaces.
Industry experts view Snapmint’s sharp growth and robust funding as evidence of the shift in India’s credit market, where flexible, transparent, and cashflow-friendly financing products are gaining traction among millennial and Gen Z consumers who prefer UPI payments over traditional credit instruments.
General Atlantic India Managing Director Shantanu Rastogi remarked, “Snapmint has built one of India’s largest EMI-on-UPI platforms with a compelling value proposition—affordability for consumers and increased sales for merchants. The startup’s strong credit approach and technology innovation make it a category-defining fintech in India’s digital credit space.”
Snapmint has offices in Mumbai, Bangalore, Delhi NCR, and Jaipur. Its exclusive investment banking advisor since 2019 has been Radix Capital Advisors, enabling efficient strategic partnerships and fundraise execution.
As India’s digital economy evolves and consumer credit gaps remain wide, Snapmint’s ability to scale flexible EMIs using UPI infrastructure positions it for leadership in enabling financial inclusion, expanding credit penetration, and revolutionizing retail financing.
Follow Startup Story
Related Posts
