Snapmint Raises US $21 Million to Continue Its Endeavour to Empower India’s Shoppers
Mumbai, 18th October, 2022:, Snapmint, a Mumbai-based fintech start-up, has raised a total of US $21 million in equity and debt as a part of its latest fundraising round.
While the equity round saw participation from marquee and existing investors, the participants in the debt funding round included institutional investors led by Northern Arc Capital, a major and diverse debt platform, and HNIs, who made investments through non-convertible debentures.
Mr Ashish Mehrotra, CEO Northern Arc said, “We believe that there is huge potential in the instalment BNPL segment. In India, there are about 22–25 million instalment BNPL customers. The sector is a high-yielding one as it is predicted to expand by an astounding 11 times to $43 billion by 2025, at a CAGR of 80%. Snapmint is a unique affordable instalment BNPL player and has already created a niche for itself. We are impressed by the team’s portfolio quality and their scalable smooth underwriting of young consumers. Our digital platform Nimbus, with a focus on data and performance, helps offer partners like Snapmint customised and easy-to-access solutions.”
Mr. Anil Gelra, co-founder of Snapmint, elaborated, “Snapmint’s business model of working closely with the merchants to help them increase their sales is unique in the industry. Since Snapmint is an NBFC, which is compliant with all digital lending guidelines of RBI, it has been able to leverage the infrastructure changes the government has brought about in the ecosystem post Covid. With digital KYCs and Account Aggregator infrastructure being introduced along with the growth in digital payments powered by UPI, we see strong tailwinds in customer adoption of Snapmint payments. We are excited to collaborate with prominent investors and industry players to empower young consumers in India.”
Snapmint has grown 6x in 2022, largely driven by 300+ D2C brands adopting Snapmint instalment payments. Snapmint app has been downloaded by 8 Mn consumers in India. Snapmint intends to deploy the funds to expand its merchant network both online and offline to power the purchases of 550 Mn PAN card holders Indian consumers.