Indian fintech startup Snapmint raises $125m funding

Snapmint, a Mumbai-based fintech startup, has secured US$125 million in new funding led by US private equity firm General Atlantic.

Elev8 Venture Partners and existing investors Prudent Investment Managers and Kae Capital also joined the round.

Of the US$125 million, US$115 million is primary capital and the rest comes from secondary sales by early investors and employees.

Founded in 2017 by IIT-Bombay graduates Nalin Agrawal, Abhineet Sawa, and Anil Gelra, Snapmint has now raised a total of US$140 million.

The company will use half of the funds to boost its in-house lending arm, and the rest to expand business operations.

Snapmint enables consumers to pay for online purchases in installments and processes around 1.5 million EMI transactions monthly.

Unlike many consumer financing startups, Snapmint partners directly with brands rather than large ecommerce platforms.

The company reported revenue of 150 crore rupee (US$17.86 million) for FY25, and said profit after taxes, excluding Esop costs, was 10 crore rupee (US$1.19 million).

🔗 Source: The Economic Times

🧠 Food for thought

Implications, context, and why it matters.

Snapmint lending lacks visibility into financial metrics

Snapmint will use half the round for its in-house lender, yet disclosures are thin. There is no public confirmation of Reserve Bank of India (RBI) Non-Banking Financial Company (NBFC) registration, assets under management (AUM), gross or net non-performing assets (GNPA or NNPA), or collection efficiency.
The company issues corporate bonds, a fixed-income instrument sold to investors with coupon rates of 13% to 17.25% (interest paid to bondholders), while other NBFCs offer 8.5% to 11.75% 1.
Leverage ratios (debt-to-equity levels) are not available. Data on lender diversification (the spread of funding sources) or portfolio quality is missing, which limits assessment of whether processing 1.5 million Equated Monthly Installment (EMI) transactions monthly matches the claimed profitability.

Ecommerce enablers can add Snapmint EMI at checkout

Payment gateway providers and ecommerce developers get detailed API docs. The guide covers key generation, transaction authorization, and order status updates for Equated Monthly Installment (EMI) without a credit card 2.
It connects with 50+ payment plus ecommerce systems and is available through Razorpay’s Optimizer. Razorpay is an India-based payments company and Optimizer is its payment-routing product. That setup gives agencies and SaaS vendors a path to pitch direct-to-consumer (D2C) merchants on 20 to 30 percent conversion and 30 to 40 percent higher average order value 3 4.
Engineering teams can use the white-label checkout (merchant-branded) and EMI on Unified Payments Interface (UPI, India’s real-time bank-to-bank rail) to build connectors for brands seeking less reliance on marketplaces, which fits Snapmint’s direct-to-consumer focus.

🧠 Food for thought

Stay ahead in Asia’s tech landscape

Stay updated on the go with our mobile app.