Snapmint’s $125 Mn Surge: How the UPI-Driven BNPL Startup Is Redefining Digital Credit in India

In a country where “Pay Later” has fast become the new “Pay Smarter,” Mumbai-based fintech startup Snapmint is scripting its own playbook. The buy-now-pay-later (BNPL) player has just secured a $125 million Series B funding round led by global investment powerhouse General Atlantic, marking one of the largest capital raises in India’s consumer credit space this year.

But beyond the headline number lies a deeper story — one that reflects how the next wave of India’s fintech revolution may not be driven by credit cards or loans, but by something far more accessible: EMI on UPI.

Snapmint's BNPL Play

Snapmint’s fresh capital injection — which also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors — is a clear signal of investor confidence in the startup’s unique approach to digital credit.

According to co-founder Nalin Agrawal, around $115 million of the total round came as primary capital, while the rest was part of a secondary transaction that offered exits to some early angel investors. Although the company has chosen not to disclose its latest valuation, the investment marks a pivotal moment in Snapmint’s growth journey — one that cements its position as a key challenger in India’s fast-growing BNPL space.

The new funds will primarily be used to expand Snapmint’s EMI-on-UPI offering, an innovation that lets users split their payments into easy installments directly through the Unified Payments Interface — no credit card required. The startup also plans to strengthen its merchant network, enabling more brands and retailers to offer instant, hassle-free EMI options to their customers.

From Startup Experiment to Mass-Market Enabler

Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint began with a simple yet ambitious mission — to make installment-based purchasing accessible to millions of Indians who don’t own credit cards.

Fast forward to today, the platform serves over 7 million monthly active users across 23,000 pincodes in India and facilitates more than 1.5 million purchases every month. From smartphones and fashion to travel and home appliances, Snapmint has made the “buy now, pay later” experience a default option for a new generation of digital shoppers.

For merchants, Snapmint isn’t just a payment gateway — it’s a conversion engine. The startup’s flexible EMI solutions at checkout have helped retailers boost average order values and increase sales, while giving consumers the confidence to buy without worrying about upfront costs.

Riding the UPI Wave

While several players — including ZestMoney, LazyPay, Simpl, Axio, CRED, and ICICI PayLater — are vying for dominance in India’s BNPL landscape, Snapmint’s core differentiator lies in its UPI-first approach.

By enabling EMIs directly through UPI, Snapmint bypasses traditional credit checks and card dependencies — a major unlock in a country where less than 5% of the population owns a credit card. This frictionless experience positions Snapmint at the intersection of India’s two biggest fintech trends: digital payments and financial inclusion.

The company’s founders believe that UPI-based EMIs represent the next frontier of democratized credit, one that aligns with India’s broader goal of building accessible and transparent financial infrastructure for all.

Scaling Ambitions: From Millions to 100 Million Users

With fresh funding and strong investor backing, Snapmint is now setting its sights on massive scale. The company plans to reach more than 100 million consumers in the coming years, expanding its presence deeper into Tier II and Tier III cities where credit penetration remains low but UPI adoption is soaring.

According to startup intelligence platform TheKredible, Snapmint has raised around $140 million to date, including an $18 million debt-and-equity mix closed in December last year. Following the latest funding, General Atlantic now holds an 18.8% stake in the company — a clear vote of confidence from one of the world’s leading growth investors.

From Growth to Profitability

Unlike many fintech peers still chasing scale at the expense of margins, Snapmint’s growth story comes with an encouraging financial twist.

For the fiscal year ending March 2025 (FY25), the company reported an impressive 80% year-on-year increase in revenue, reaching ₹158.5 crore, and — notably — turned profitable, posting a net profit of ₹15 crore.

Looking ahead, co-founder Agrawal says the company expects to double its revenue in FY26, underscoring Snapmint’s focus on sustainable, profitable growth even as it continues to scale aggressively.

Reimagining the Future of Consumer Credit

Snapmint’s story is more than just another funding milestone — it’s a reflection of how India’s fintech ecosystem is evolving beyond flashy apps and cashbacks toward real financial enablement.

By merging the simplicity of UPI with the flexibility of EMIs, Snapmint is not only unlocking purchasing power for millions but also reshaping how Indians perceive credit — as a tool for empowerment, not exclusion.

As investors like General Atlantic place their bets on this vision, Snapmint seems poised to play a defining role in what could be the next big leap in India’s consumer credit revolution.