Snapmint raises $9 Million in Series A Funding

Fintech startup Snapmint has raised $9 million in Series A funding from a group of renowned investors and industry leaders led by Prashasta Seth, CEO and CIO of Prudent Investment Managers. The panel included nine unicorns Anicut Capital, Negen Capital, Livspace founder Ramakant Sharma, Usama Fayyad, Chairman of Open Insight, and head of the Experience-based AI Institute at Northeastern University.

With Snapmint, a BNPL platform, Gen Z consumers can easily buy any product in the lifestyle category, including clothing, accessories and mobile phones. The platform has more than 4 million consumers, many of whom come from Tier 2 and below towns and offer over 27,000 PIN codes across India.

The company plans to expand its network of merchants, launch a suite of BNPL products and power the purchases of more than 450 million consumers in India. Nalin Agrawal, the co-founder of Snapmint has said that this investment will boost the expansion of the company as it plans to grow its merchant partners and bring a unique shopping experience to customers.

IIT regulars and serial entrepreneurs Nalin Agrawal, Anil Gelra, Abhineet Sawa and Rahul Agrawal founded Snapmint in 2017. They surveyed the market based on the observation that only a handful of employees actually have credit cards and many are afraid of credit card conditions.

The $ 810 billion Indian retail markets is the fourth largest in the world, and affordable lending options continue to drive growth in this market. According to a report by Bain and Co, 80% of new retail customer growth came from Tier 2 or small cities in India. Snapmint seeks to democratize access to credit by allowing these customers to purchase in instalments without interest at no hidden costs. For online retailers, Snapmint's platform can increase sales by up to 25% and leverage a whole new customer segment.