Snapmint bags $21 mn in debt and equity funding
Despite a noticeable decline in startup investment this year, the fintech sector remains one of the most dynamic areas of the new economy. Mumbai-based Buy Now Pay Later (BNPL) platform Snapmint is the most recent to amass some cash; it has raised $21 million through a combination of financing and equity.
Prashasta Seth, the CEO and CIO of Prudent Investment Managers, led the equity round. Along with other angel investors, it included involvement from Nine Unicorns, Anicut Capital, Negen Capital, and Ramakant Sharma, the founder of Livspace.
Prashasta Seth, CEO and CIO of Prudent Investment Managers, commented on the investment by saying, “We are extremely impressed by the team’s ability to underwrite young customers from Tier 2/small towns promptly and smoothly, which shows in the portfolio quality. This sets them apart from the great majority of other participants in the industry. The debt financing, meanwhile, was led by Northern Arc Capital, with participation from undisclosed HNIs. 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.
“We think the instalment BNPL market has enormous potential. Snapmint has already carved up a position for itself as a distinctive, reasonably priced instalment BNPL player. Northern Arc CEO Ashish Mehrotra said in a statement, “We are impressed by the team’s portfolio quality and its scalable smooth underwriting of youthful consumers.
Co-founder of Snapmint Nalin Agrawal stated, “We are thrilled to join with illustrious investors and sector experts in our growth journey. This investment will help us with our expansion objectives as we work to grow our merchant partners 50 times across India and offer our customers a distinctive shopping experience. We can democratize access to credit, offer fair financial terms, and grant our customers freedom of choice thanks to our transaction-led underwriting methods.
Customers are given access to interest-free financing at the time of purchase, and they can pay back the money in manageable monthly payments. Along with facilitating rapid credit access for users, Snapmint has increased e-commerce platforms’ revenues by roughly 25% by introducing them to a brand-new customer base. Anil Gelra, co-founder of Snapmint, stated in a statement: “Since Snapmint is an NBFC, which is compliant with all digital lending standards of RBI, it has been able to harness the infrastructure changes the government has brought about in the ecosystem after Covid.”