Team StartupCity

• Snapmint secures $125 million in Series B funding led by General Atlantic to scale its EMI-on-UPI offering.
• The funding includes $115 million in primary capital and a secondary component for early investor exits.
• The Mumbai-based BNPL platform aims to reach 100 million consumers in the coming years.

Buy-now-pay-later (BNPL) startup Snapmint has raised $125 million in its Series B round led by global growth equity firm General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors. The fresh capital will be used to expand its EMI-on-UPI service and strengthen its merchant network across India.

Nalin Agrawal, Co-Founder of Snapmint, said, that out of the total, $115 million was raised as primary capital, while the rest came through a secondary sale providing partial exits to early angels. Though Snapmint did not disclose its current valuation, this round marks a significant milestone in its growth trajectory.

Founded in 2017 by Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint enables consumers to make purchases through zero-credit-card EMIs on UPI, covering categories such as electronics, travel, fashion, and home products. The company serves 7 million monthly active users across 23,000 pincodes and funds over 1.5 million purchases every month.

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Snapmint turned profitable in FY25, reporting a net profit of Rs 15 crore on Rs 158.5 crore revenue, an 80% year-on-year rise. The startup plans to double its revenue in the current fiscal and reach over 100 million users in the next few years.

Post-funding, General Atlantic will hold an 18.8% stake in the company.