Snapmint secures $21 million funding for developing its online and physical merchant network

• ByStartupStory     |    October 17, 2022

Snapmint, a Mumbai-based fintech firm, has secured $21 million in stock and debt in its most recent financing round. While marquee and current investors participated in the equity round, institutional investors headed by Northern Arc Capital, a prominent and varied debt platform, and HNIs made investments through non-convertible debentures participated in the debt fundraising round.

The capital raised will be used to develop the company’s merchant network, both online and offline, in order to power the purchases of 550 million PAN card users in India.

Snapmint, founded in 2017 by IIT Bombay peers Nalin Agrawal, Anil Gelra, and Abhineet Sawa, is an installment BNPL platform attempting to democratize credit access. It allows clients to pay in installments. It enables customers to purchase anything from mobile phones to apparel utilizing a two-minute online approach.

According to Ashish Mehrotra, CEO of Northern Arc, there is a significant opportunity for Buy Now Pay Later (BNPL) in India, given the approximately 25 million installment consumers. He adds “The sector is a high-yielding one as it is predicted to expand by an astounding 11 times to $43 billion by 2025, at a CAGR of 80 percent. Snapmint is a unique affordable installment BNPL player and has already created a niche for itself.” 

“With digital KYCs and Account Aggregator infrastructure being introduced along with the growth in digital payments powered by UPI, we see strong tailwinds in customer adoption of Snapmint payments,” says Anil Gelra, co-founder of Snapmint.

The firm has expanded roughly six times this year, owing to the adoption of its services by over 300 direct-to-consumer brands. In India, the firm claims to have approximately 8 million customers.

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