No-cost EMI platform Snapmint Thursday said it raised $18 million (over Rs 150 crore) in a mix of debt and equity in a funding round led by Prashasta Seth, founder of Prudent Investment Managers, with participation from Perpetuity Ventures and Pegasus Fininvest.
Founded in 2017 by IIT Bombay graduates Nalin Agrawal, Anil Gelra and Abhineet Sawa, Snapmint provides no-cost EMI solutions for online shopping in India across categories.
It has tie-ups with boAt, Xiaomi, Croma, Cult, Arvind Fashions, Neeman’s, The Sleep Company, Snitch, and Mokobara. It claims to currently have over 5 million monthly active users on its platform.
“In the last 2 years, we have grown from 1 million purchase financing transactions a year to over 5 million annual transactions and now have no-cost EMI partnerships with over 900 brands in India,” said Agrawal, co-founder of Snapmint.
“We are growing this business with strong fundamentals, and this new funding round will allow us to expand our product suite, launch new services for our consumers and brand partners and cement our leadership in no-cost EMI financing.”
Snapmint plans to use the fresh funding to invest in integration with more shopping portals, grow its merchant network, and expand its balance sheet to increase its disbursement. Its existing lending partners include Vivriti, MAS, Northern Arc, ICICI and AU Small Finance Bank.
“Just as the offline consumer durable financing market boomed in the last two decades, we see a similar opportunity unfolding online on the back of UPI and e-commerce. Snapmint, with its vast customer and merchant network, is well poised to capitalize on this,” said Seth, who is also chief executive officer of Prudent Investment.