Startup Snapmint on Tuesday said it secured $9 million in its Series A round led by Prashasta Seth, CEO and CIO of Prudent Investment Managers with an aim to expand its network or merchants and launch a new suite BNPL products.
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 realise savings, but it also helps merchants tap into a significantly larger customer base and get a greater bang for the buck on marketing spends.
The Mumbai based fintech Snapmint aims to expand its network of merchants, launch a suite of innovative BNPL products, and power the purchases of over 450 million consumers in India.
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.
Nalin, Anil, Abhineet and Rahul are IIT Bombay alumni and serial entrepreneurs. Their success stories include – Oyo, Ola, Holachef, Inrea and Sodel Solutions. Since 2008, the focus has been on solving big data problems, “real-time” predictive technologies and algorithms primarily Ad-tech, Consumer Marketing and Media and growing eCommerce brands.
Startup Snapmint looks forward to the next revolution in digital payments, purchase financing
Nalin Agrawal, Co-founder of Snapmint, said, “We are excited to partner with marquee investors and industry leaders in our growth journey. 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 democratise access to credit, provide fair financial terms, and give the freedom of choice to our consumers.”
“We are truly impressed by the team’s ability to underwrite young customers from Tier-II/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. We are proud to partner with Snapmint on this growth journey and look forward to powering the next revolution in digital payments and purchase financing,” added Prashasta Seth, CEO, and CIO of Prudent Investment Managers.
The round also saw the 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.