Founders & Beginnings
Snapmint was founded in 2017 by three IIT Bombay alumni — Nalin Agrawal, Anil Gelra and Abhineet Sawa.
They started with a simple premise: many consumers in India want to buy now but pay later — without having to depend on credit cards or long-drawn processes. The idea was to build a “buy-now-pay-later” (BNPL) or EMI-on-UPI platform that could serve the mass-affluent and digitally savvy Indian shopper.
The Problem They Were Solving
In India, access to formal credit and credit cards is limited for large parts of the population. Moreover, younger consumers want flexibility and fairness. Snapmint saw a gap: offline/online brands struggled to convert shoppers who couldn’t pay full upfront, and many BNPL offerings required credit histories or high costs. Snapmint’s mission: empower consumers with easy, transparent EMIs (equated monthly instalments) on UPI and help merchants increase sales by giving customers affordable payment options.
How It Started, With What Money & What Makes It Unique
Snapmint began modestly in 2017. The founders leveraged their academic network, understood the fintech landscape, and focused on building partnerships with brands rather than chasing consumers directly.
Early days involved building underwriting algorithms, integrating with merchants, and educating users about EMI-on-UPI rather than just “pay now”. Snapmint differentiates by offering full-fledged EMI (often longer-term) via UPI, aiming to leapfrog the traditional credit-card model in India.
Market Size & Opportunity
India’s fintech and consumer credit market is rapidly growing. The BNPL/EMI-on-UPI segment is particularly hot as mobile usage explodes and Indian consumers prefer convenience. Snapmint claims to serve over 7 million monthly active users across 23,000 pincodes and finances more than 1.5 million purchases each month.
This indicates a large addressable market: as India enters a digital-first consumption era, there is an opportunity to bring credit flexibility to tens of millions of young users, especially in Tier 2/3 cities.
Funding & Latest Milestone
In October 2025, Snapmint raised US$125 million (≈ ₹1,100 crore) in a Series B round led by General Atlantic.
Of this, approximately US$115 million was primary capital injected into business growth, and the remainder was secondary (allowing early investors or employees to exit partially). The round also had participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing investors.
Prior to this, the company had raised smaller rounds including an $18 million mix of debt and equity in Dec 2024
Key Metrics & Scale
-
More than 7 million monthly active users, across 23,000 pincodes in India.
-
Facilitates more than 1.5 million purchases per month.
-
Revenue: For FY25, Snapmint reported revenue of ~₹158.5 crore (~US$19 million) and net profit of ~₹15 crore (~US$1.7 million).
-
Funding to date: ~US$140 million since inception.
Competitors & Market Landscape
In the BNPL/EMI payments space in India, Snapmint competes with:
-
ZestMoney
-
LazyPay
-
Axio Payments
-
Simpl
-
Traditional credit-card offerings and large digital wallets offering pay-later/EMI features.
However, Snapmint’s positioning around EMI-on-UPI (rather than short-term BNPL only) and focus on the merchant ecosystem (brands) differentiates it from many peers.
What Entrepreneurs Can Learn From Snapmint’s Story
- Spot an underlying structural shift: Snapmint looked at India’s ascendancy of UPI, mobile consumption, and credit-inclusion gaps, and built for that—not just replicated existing models.
Why This Story Matters Now
We are in a time when digital payments, credit-access, and consumption patterns are changing rapidly in India. For founders, the blueprint from Snapmint is relevant: build for scale, build for inclusion, don’t just follow global models. The fact that a three-person founding team from IIT Bombay built a platform serving millions shows India’s startup ecosystem is maturing.