Snapmint Grabs $9 Million Funding
Snapmint, a Mumbai-based fintech start-up, has announced that it has raised $9 million in its Series A funding from a clutch of marquee investors and industry leaders led by Prashasta Seth, CEO & CIO of Prudent Investment Managers.
The round also saw the participation of 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, among other angel investors.
With this round of investment, Snapmint plans to expand its network of merchants, launch a suite of innovative BNPL products, and power the purchases of over 450 million consumers in India. This win-win approach has helped Snapmint grow over 4x in the last six months, and it is fast becoming the most preferred way-to-buy for its consumers and merchants.
Nalin Agarwal, Co-Founder, Snapmint, said, “We are excited to partner with marquee investors and industry leaders in our growth journey. 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 democratize access to credit, provide fair financial terms and give the freedom of choice to our consumers.”
Snapmint is a BNPL (Buy Now Pay Later) platform founded by four IIT Bombay batchmates Nalin Agrawal, Anil Gelra, Abhineet Sawa and Rahul Agarwal in 2017. It has been designed primarily for the ever-growing Gen Z consumers. This will provide Gen Z consumers to buy any lifestyle category product, be it clothes, accessories, or mobile phones, using small installments and no-cost monthly payment options. It has its reach to the Tier 2/smaller towns in India and caters to more than 27,000 pin codes, with over four million customers already on its platform.
They not only let retail consumers buy with instant credit and realize savings, but it also helps merchants tap into a significantly larger customer base and get greater bang for the buck on marketing spends
According to the 2021 report by Bain and Co., in India, 80 percent growth in new e-retail customers are driven by Tier 2/smaller cities. Snapmint is looking to democratize access to credit by allowing these customers to buy on interest free installments, with no hidden costs. For online merchants, Snapmint’s platform gives up to a 25 percent boost to sales, opening a brand-new segment of customers who were previously not shopping with them.
Prashasta Seth, CEO, CIO, Prudent Investment Managers, said, “We are truly impressed by the team’s ability to underwrite young customers from Tier2/small towns instantly and seamlessly, which shows in the portfolio quality. This differentiates them from a vast majority of the other players in the space. We are proud to partner with Snapmint on this growth journey and look forward to powering the next revolution in digital payments and purchase financing.”
Originally published at https://cxotv.techplusmedia.com on March 2, 2022.