Snapmint, one of India’s fastest-growing EMI payment platforms, has raised $125 million in its Series B funding round, led by General Atlantic.
Other investors, including Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and some existing angel investors, also took part in the round.
The company plans to use the funds to grow its EMI-on-UPI services and expand its network of partner merchants.
Nalin Agrawal, Co-founder of Snapmint, said: “We believe India will leapfrog credit cards and go straight to EMI on UPI. We have pioneered EMI on UPI since 2020 and have enabled brands to increase their sales by 10 to 20% with our offering. With this new funding, we are excited to have General Atlantic join our journey to bring EMI payment solutions to more than 100 million consumers in the next few years.”
Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said: “Snapmint has built one of India’s largest EMI-on-UPI platforms, through its strong value proposition of affordability for consumers, and increased sales for merchants. We are excited to partner with Snapmint as it continues to scale its EMI payments platform and expand its network of merchants and customers.”
Prashasta Seth, Managing Partner of Prudent Investment Managers, said: “We are proud to have partnered with Snapmint since 2020 when they first started to build their EMI-on-UPI platform. Over the years, Snapmint has established market leadership and the founders have shown a steadfast commitment to building a sustainable and customer-centric business. As we deepen our partnership, we know that this is just the beginning of an exciting growth journey, and the best is yet to come.”
Snapmint was founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa. The platform lets users make EMI payments directly through UPI — without needing a credit card. People can use it to buy products from categories like electronics, travel, fashion, home, and lifestyle.
Today, Snapmint has around 7 million monthly active users across 23,000 pincodes in India and finances more than 1.5 million purchases every month. By offering easy EMI options during checkout, it helps online sellers increase their sales and conversions.
Snapmint competes with other BNPL (Buy Now, Pay Later) and EMI providers like ZestMoney, LazyPay, Axio, Simpl, PayU PayLater, ICICI PayLater, and CRED. However, it stands out because of its focus on providing EMIs through UPI.
The company now plans to reach over 100 million consumers in the coming years, expanding its presence across India.
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