Fintech startup Snapmint raises $18 Mn in debt and equity

Fintech startup Snapmint has raised $18 million in debt and equity led by Prashasta Seth (Prudent Investment Manager). Perpetuity Ventures and Pegasus Fininvest have also participated. 

In August 2022,  Snapmint had raised $21 million in equity and debt as a part of its Series A round. 

The proceeds will be used to invest in integration with more shopping portals, grow its merchant network, and expand its balance sheet.

Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint is a BNPL (Buy Now Pay Later) platform that offers access to credit by allowing shoppers to buy mobiles, electronics, and many other items. 

The company’s digital platform Nimbus offers customised and easy-to-access solutions to its partners and helps them increase both sales figures and customer numbers. 

The Mumbai-based company claims to have grown sixfold in 2022, largely driven by over 300 D2C brands adopting Snapmint instalment payments. As per 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 are from tier II and smaller towns.

It competes with the likes of 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.