Fintech startup Snapmint has raised $9 million in its Series A funding from a clutch of marquee investors and industry leaders led by Prashasta Seth, CEO & CIO of Prudent Investment Managers. The round also saw participation of 9 Unicorns, Anicut Capital, Negen Capital, Livspace founder Ramakant Sharma, Usama Fayyad – Chairman of Open Insights and head of Institute for Experiential AI at Northeastern University, among other angel investors.
Founded by IIT Bombay batchmates Nalin Agrawal, Anil Gelra, Abhineet Sawa, and Rahul Agarwal in 2017, BNPL (Buy Now Pay Later) platform Snapmint makes it easy for Gen Z consumers to buy any lifestyle category product — be it clothes, accessories, or mobile phones — using small instalments and no-cost monthly payment options.
The startup has over four million consumers on its platform, many of who are from Tier II/smaller towns, and serves over 27,000 pin codes across India. Not only does Snapmint let retail consumers buy with instant credit and realize savings, but it also helps merchants tap into a significantly larger customer base and get a greater bang for the buck on marketing spends.
With this round of investment, the company plans to expand its network of merchants, launch a suite of BNPL products and power the purchases of over 450 million consumers in India.
Nalin Agrawal, Co-founder of Snapmint said, “This investment will boost our expansion plans as we look to grow our merchant partners 50x pan-India and bring a unique shopping experience to our customers. Our transaction-led underwriting models allow us to democratize access to credit, provide fair financial terms and give the freedom of choice to our consumers.”
Prashasta Seth, CEO and CIO of Prudent investment Managers said, “We are truly impressed by the team’s ability to underwrite young customers from Tier2/small towns instantly and seamlessly, which shows in the portfolio quality. This differentiates them from a vast majority of the other players in the space.”