Snapmint Credit Advisory, which runs fintech startup Snapmint, said it has secured $9 million (around Rs 67 crore) as a part of its Series A round led by Prashasta Seth, Chief Executive Officer (CEO) and Chief Information Officer (CIO) of Prudent Investment Managers.
The fundraise also saw participation from 9 Unicorns, Anicut Capital, Negen Capital, Livspace Founder Ramakant Sharma, Usama Fayyad - Chairman of Open Insights and Head of Institute for Experiential AI at Northeastern University and others.
The platform plans to use the fresh money to expand its merchant network, set up a suite of innovative BNPL products and boost purchases of India consumers.
Snapmint was launched by Nalin Agrawal, Anil Gelra, Abhineet Sawa and Rahul Agarwal in 2017. It is a buy now pay later (BNPL) firm for buying any lifestyle category products or mobile phones, using small installments and without monthly payment cost options.
The platform claims to have over four million consumers and it serves over 27,000 pin codes across India.
"This investment will boost our expansion plans as we look to grow our merchant partners 50x pan-India and bring a unique shopping experience to our customers.
Our transaction-led underwriting models allow us to democratise access to credit, provide fair financial terms and give the freedom of choice to our consumers," said Nalin Agrawal, Co-Founder of Snapmint.