India’s fintech revolution continues to surge, and Buy Now Pay Later (BNPL) startup Snapmint has become its newest success story. The Mumbai-based company has raised $125 million in a Series B round led by General Atlantic, one of the world’s leading growth equity investors. This investment marks one of the largest rounds in India’s consumer finance segment in 2025 and underscores global confidence in India’s digital credit landscape.
Out of the $125 million, around $115 million came as primary capital, while the rest was secondary — giving early investors a profitable exit. The funding round positions Snapmint for aggressive expansion as it deepens its reach across India and strengthens its mission to democratize access to credit through innovative, technology-driven solutions.
Snapmint’s Growth Story
Snapmint began with a simple mission — to enable millions of Indians to purchase what they want today and pay later in easy installments, even if they don’t have a credit card. Founded by Nalin Agrawal and Rahul Agarwal, the company built its model around flexibility, convenience, and financial inclusivity.
While many fintech companies struggled to achieve profitability, Snapmint charted a different course. It focused on serving a diverse consumer base across Tier 2 and Tier 3 cities, ensuring that affordability and accessibility go hand in hand. This focus paid off. The company now records over 1.5 million purchases per month, serving 7 million monthly active users across 23,000 pin codes in India.
Snapmint’s financial performance reflects its operational strength. For the fiscal year ending March 2025, the company generated approximately ₹158.5 crore in revenue, an 80% year-on-year growth, and achieved a net profit of around ₹15 crore. In an environment where many fintechs burn cash to acquire users, Snapmint’s profitability highlights the sustainability of its model.
Why General Atlantic’s Investment Matters
General Atlantic’s $125 million infusion validates Snapmint’s market positioning and future potential. With a stake of about 18.8%, the global investment firm has placed a significant bet on Snapmint’s ability to reshape India’s credit ecosystem.
General Atlantic has a long history of backing successful technology and consumer businesses, including Byju’s, BillDesk, and PhonePe in India. Their entry signals that Snapmint has reached a scale where global investors see long-term promise.
This partnership provides Snapmint with not only capital but also strategic guidance. General Atlantic’s expertise in scaling digital-first businesses will help Snapmint accelerate growth, improve risk management, and enhance operational efficiency.
The Strategic Focus: EMI on UPI
One of Snapmint’s most innovative offerings lies in its EMI-on-UPI feature. This product allows customers to split their payments into affordable installments directly through Unified Payments Interface (UPI) — India’s most widely used digital payment method.
Traditionally, consumers needed credit cards to access EMI options, which limited adoption to less than 5% of India’s population. Snapmint’s UPI-based EMI eliminates that barrier, extending the convenience of installment payments to millions of debit card and UPI users.
By integrating EMI functionality with UPI, Snapmint aligns itself with India’s financial inclusion goals and capitalizes on the country’s expanding digital payments ecosystem. The company aims to onboard thousands of new merchants and bring installment-based purchases to every corner of India.
Market Context: India’s BNPL Boom
India’s BNPL market has exploded over the past few years, driven by young consumers, digital adoption, and rising e-commerce penetration. According to industry estimates, the Indian BNPL market will surpass $25 billion by 2030. Consumers are increasingly shifting toward flexible payment options for electronics, fashion, travel, and lifestyle products.
Snapmint competes with several established players such as Simpl, ZestMoney, LazyPay, and KreditBee, but its focus on profitability and mass-market reach sets it apart. While others target affluent, credit-card-holding customers, Snapmint concentrates on middle-income and first-time credit users.
Its tech-driven underwriting model assesses risk using alternative data such as transaction history, device intelligence, and behavioral patterns. This approach reduces default risks and broadens access to consumers who lack traditional credit histories.
Expansion Plans
With the new funding, Snapmint plans to scale its merchant network, expand EMI-on-UPI adoption, and enhance its technology infrastructure. The company aims to double its merchant base, onboarding partners across diverse sectors such as consumer electronics, fashion, and home appliances.
Snapmint will also invest heavily in AI-driven risk assessment and fraud detection systems. These tools will strengthen its ability to manage credit risk efficiently as it scales to millions of new users.
The company’s next phase of growth will also focus on personalized financial products — including loyalty programs, cashback rewards, and customized installment plans. By deepening user engagement, Snapmint wants to build a long-term relationship with customers instead of just facilitating one-time transactions.
Financial Discipline and Sustainable Growth
Unlike many fintech startups that prioritize user growth over financial discipline, Snapmint maintains a balance between expansion and profitability. Its steady financial performance demonstrates that responsible lending and growth can coexist.
The company’s leadership emphasizes that profitability will remain central to its strategy. It avoids aggressive discounting or unsustainable offers that could distort customer behavior. Instead, Snapmint prioritizes affordability, trust, and transparency — values that have helped it build credibility among both consumers and merchants.
Broader Implications for India’s Fintech Sector
Snapmint’s successful funding round reflects a broader shift in India’s fintech investment landscape. Investors are now rewarding companies that display strong fundamentals, unit economics, and operational efficiency.
Over the last few years, regulatory scrutiny from the Reserve Bank of India (RBI) has tightened around digital lending and BNPL models. Many startups struggled to comply with guidelines around transparency and customer protection. Snapmint, however, adopted a compliance-first approach early on, ensuring that its lending practices align with regulatory norms.
This commitment to compliance and profitability positions Snapmint as a benchmark for the next generation of fintech companies in India. It also sends a clear message: sustainable growth matters more than valuation hype.
Competitive Landscape and Challenges
Despite its strong position, Snapmint operates in a competitive and evolving market. Rivals like Simpl and LazyPay continue to expand aggressively, while traditional banks and payment companies are also entering the BNPL space.
The biggest challenge lies in managing credit risk as the company grows. As more users join the platform, the likelihood of defaults could increase. Maintaining a robust credit scoring system and responsible lending practices will be critical to sustaining profitability.
Additionally, the company must navigate regulatory changes, especially as the RBI introduces new frameworks for digital credit. However, Snapmint’s early focus on compliance gives it a strategic advantage over less-prepared competitors.
The Road Ahead
Snapmint’s $125 million funding round represents a defining moment for both the company and India’s consumer finance ecosystem. The infusion of fresh capital and strategic expertise from General Atlantic will help Snapmint deepen its presence, innovate faster, and bring structured credit access to millions of underserved Indians.
By combining UPI’s reach with intelligent EMI solutions, Snapmint is transforming how consumers shop and pay. Its journey reflects the broader story of India’s fintech evolution — one driven by technology, inclusivity, and innovation.
As the company accelerates its next phase of growth, it aims to make installment-based payments as ubiquitous as cash or UPI transactions. If it maintains its focus on discipline, customer experience, and innovation, Snapmint could soon stand alongside India’s leading fintech pioneers shaping the country’s digital economy.
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