Snapmint Raises $125M to Scale EMI-on-UPI and Credit Platform

Nalin Agarwal, Snapmint Co-Founder & Director

Consumer lending platform Snapmint has raised $125 million in a new funding round led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors, the company said in a statement.

Mint was the first to report on 13 October that Snapmint was in talks to raise around $100 million in a multi-tranche funding.

The company’s founder Nalin Agarwal on Friday said the funding round would comprise $115 million in primary capital and the rest in secondary, which would provide exits to a few early-stage angel investors.

He also said the transaction will close over the next two to three months.

“The capital will be used to expand our merchant base, enhance our technology, and scale our EMI-on-UPI offering, which is a large opportunity,” Agrawal said.

The fundraise underscores the growing demand for India’s credit-on-UPI segment, which has seen record usage this festive season as younger shoppers avail microloans and EMI-based payments. Platforms such as Snapmint and Kiwi saw a rush of young shoppers avail low-interest consumer loans for their festive season purchases.

In September, Snapmint saw its total volume of interest-free EMI transactions surge to more than 1 million from about 350,000 a year ago.

General Atlantic managing director and India head Shantanu Rastogi said, “Snapmint has built one of India’s largest EMI-on-UPI platforms, offering affordability for consumers and increased sales for merchants."

Radix Capital Advisors, led by Abhishek Taparia, served as Snapmint’s exclusive investment banking advisor, according to the company's statement.

Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, all IIT Bombay alumni, Snapmint provides cardless EMI solutions aimed at India’s mass-affluent consumers. Beyond electronics and travel, its users increasingly finance fashion, home, and lifestyle purchases through its platform.

The company claims to serve over seven million monthly active users across 23,000 pincodes, financing more than 1.5 million purchases each month.

Snapmint’s revenue from operations jumped to ₹158.5 crore in 2024-25 from ₹88.5 crore in the year before, Entrackr reported in July. The company also turned a net profit of ₹15 crore in FY25 from a loss of ₹33.6 crore in FY24.

To date, Snapmint has raised $65 million across 18 rounds and was valued at $141 million in June, according to market intelligence platform Tracxn. Its other investors include Anicut Capital, 9Unicorns, and Negen Capital.

Source: Mint