December 12, 2024: Snapmint, which facilitates shopping on installments possible without credit cards, has secured $18 million in a funding round comprising debt and equity, the startup. The startup plans to deploy the fresh round of capital to grow its merchant network, integrate with more shopping portals, and strengthen its balance sheet for raising its lending capacity.
The firm provides zero-interest installment payment plans ranging from 3 to 12 months for online purchases.
Snapmint was founded in 2017 by Abhineet Sawa, Nalin Agrawal, and Anil Gelra— alumnis of IIT Bombay, and the firm is backed by investors, including Lightspeed Ventures, Northern Arc Capital, Anicut Capital, and 9Unicorns.
The firm focuses on fashion and consumer electronics, with collaborations spanning brands like boAt, Xiaomi, Croma, and several lifestyle and apparel companies. Currently, Snapmint boasts more than 5 million active monthly users across its digital platform.
Prashasta Seth, CEO of Prudent Investment Managers, said “Just as the offline consumer durable financing market boomed in the last two decades, we see a similar opportunity unfolding online on the back of UPI and ecommerce. Snapmint, with its vast customer and merchant network, is well poised to capitalise on this.”
Snapmint clocks 5 Million Annual Transactions
“The last couple of years have been very exciting for Snapmint, and we are grateful for the unstinting support of our investors, brand partners, lenders, and above all, our team members. In the last 2 years, we have grown from 1 million purchase financing transactions a year to 5 million plus annual transactions, and now, have no-cost EMI partnerships with over 900 plus brands in India” said Nalin Agrawal, Co-founder of Snapmint.
Prashasta Seth of Prudent Investment Managers led the funding round, where Perpetuity Ventures and Pegasus Fininvest also participated, it said in a statement.
