Snapmint Raises $21 Million The company intends to deploy the funds to expand its merchant network both online and offline to power the purchases of 550 million PAN card holders Indian consumers
By Teena Jose
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Snapmint, a Mumbai-based fintech startup, has raised $21 million in equity and debt as a part of its latest fundraising round. While the equity round saw participation from marquee and existing investors, the participants in the debt funding round included institutional investors led by Northern Arc Capital, a major and diverse debt platform, and HNIs, who made investments through non-convertible debentures.
"Snapmint's business model of working closely with the merchants to help them increase their sales is unique in the industry. 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. We are excited to collaborate with prominent investors and industry players to empower young consumers in India," said Anil Gelra, co-founder of Snapmint.
Snapmint has grown 6 times in 2022, largely driven by over 300 D2C brands adopting Snapmint instalment payments. Snapmint app has been downloaded by 8 million consumers in India. The company intends to deploy the funds to expand its merchant network both online and offline to power the purchases of 550 million PAN card holders Indian consumers, claimed by the company in a statement.
"We believe that there is huge potential in the instalment BNPL segment. 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 per cent. Snapmint is a unique affordable instalment BNPL player and has already created a niche for itself. We are impressed by the team's portfolio quality and their scalable smooth underwriting of young consumers. Our digital platform Nimbus, with a focus on data and performance, helps offer partners like Snapmint customised and easy-to-access solutions," said Ashish Mehrotra, CEO, Northern Arc.
Founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa, Snapmint, an instalment BNPL (Buy Now Pay Later) platform democratises access to credit that enables customers to shop on instalments.
