India’s booming buy-now-pay-later market just got a major shake-up. Snapmint, the BNPL startup that lets consumers pay through EMIs on UPI without a credit card, has raised a
India’s booming buy-now-pay-later market just got a major shake-up. Snapmint, the BNPL startup that lets consumers pay through EMIs on UPI without a credit card, has raised a whopping $125 million in its Series B funding round led by global growth investor General Atlantic. Other participants included Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel backers.
The startup plans to use the fresh capital to supercharge its EMI-on-UPI offerings and expand its merchant network, giving shoppers across India more flexible ways to pay. Out of the total funding, $115 million was primary capital aimed at growth, while the remainder came from secondary transactions, providing early angel investors with a lucrative exit. Snapmint did not disclose its current valuation.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint has quickly grown into a powerhouse in India’s digital payments scene. The platform currently serves 7 million monthly active users across 23,000 pincodes, funding over 1.5 million purchases every month. Its installment-based model spans categories from electronics and fashion to travel, home, and lifestyle products, giving consumers a credit-card-free way to shop big-ticket items.
“Snapmint’s growth trajectory shows how India’s consumers are increasingly embracing flexible payments,” said co-founder Nalin Agrawal. “With this round, we are strengthening our technology, expanding merchant adoption, and creating an even more seamless shopping experience.”
The timing could not be more perfect. Buy-now-pay-later is exploding in India, and Snapmint competes directly with players like ZestMoney, LazyPay, Axio, Simpl, PayU PayLater, ICICI PayLater, and CRED. But Snapmint’s focus on EMI via UPI sets it apart, eliminating the need for traditional credit cards and opening up digital credit to a wider audience.
For merchants, Snapmint is more than just a payment option—it’s a tool to boost conversions. By offering flexible installment plans at checkout, merchants see higher purchase rates and stronger customer retention. With 1.5 million purchases funded monthly, Snapmint is already reshaping how Indian shoppers manage their spending.
Experts say this $125 million round could catapult Snapmint into the top tier of India’s fintech ecosystem. The fresh funds will be used not just for geographic expansion but also for enhancing AI-driven credit risk assessment and fraud prevention systems, ensuring safer and smarter lending for millions of consumers.
As Snapmint scales, the company is also signaling the start of a new era in India’s credit market—one where instant, flexible, and digital-first financing becomes the norm. For consumers and merchants alike, this could be a game-changer.
The BNPL market in India is poised for exponential growth, and Snapmint’s innovative model—coupled with a massive funding boost—positions it as a potential leader in the space. With more options to shop now and pay later, India’s digital economy could see a significant transformation in consumer behavior over the next few years.
Whether you’re a shopper looking for financial flexibility or a merchant aiming to increase conversions, Snapmint’s latest funding round is a clear signal: the future of payments in India is instant, flexible, and credit-card-free.
