Snapmint
Category: AI in Fintech
Snapmint is an Indian fintech platform that enables card-less Buy-Now-Pay-Later (BNPL) via EMI-on-UPI, offering no-cost EMIs, personal loans, and checkout financing for merchants. Snapmint was founded in 2017. The company is led by Nalin Agrawal. Based in Mumbai, India. Team size: 201-500. Total funding raised: $180 million. Latest round: Series B. Key investors include General Atlantic, Kae Capital, Prudent Investment Managers, Elev8 Venture Partners, Anicut Capital, 9Unicorns, Negen Capital.
- Founded
- 2017
- Headquarters
- Mumbai, India
- Team size
- 201-500
- Total funding
- $180 million
Value proposition
Provide instant, no-cost, credit-free EMI options to the 70% of Indian consumers without credit cards, leveraging UPI for frictionless payments
Products and solutions
No-cost EMIs, Cardless EMI on UPI (Nimbus platform), Personal Loans, Checkout financing for merchants, Self-branded EMI solution for D2C brands
Unique value
First mover in EMI-on-UPI (since 2020) and focus on no-cost, credit-card-free financing for Gen-Z and tier-II/III shoppers; also offers a white-label EMI-as-a-service platform for D2C brands
Target customer
Young, credit-card-unbanked consumers in Tier-II/III cities and D2C brands seeking a self-branded EMI solution
Industries served
E-commerce, Electronics, Fashion, Lifestyle, Health, D2C Brands
Technology advantage
Proprietary Nimbus AI-driven credit underwriting engine, real-time UPI integration, and a white-label EMI-as-a-service platform that can be embedded directly into merchant checkout flows
How they differentiate
Snapmint differentiates itself by focusing on providing 'no-cost' EMI solutions for online shoppers, specifically targeting the Gen Z demographic in India. A key aspect of their model is catering to customers who do not have access to traditional credit cards, leveraging the widespread UPI (Unified Payments Interface) for transactions and installments. They also offer a self-branded EMI solution for D2C brands.
Main competitors
ZestMoney, Simpl, Axio, EarlySalary, Paytm Postpaid, LazyPay
Key partnerships
boAt, Xiaomi, Croma, Arvind Fashions, Bajaj Finserv, Mobikwik, Tray, 1,500+ merchant partners
Notable customers
boAt, Xiaomi, Croma, Arvind Fashions, Bajaj Finserv, Mobikwik, Traya, 1,500+ merchant partners
Major milestones
Closed $125 million Series B round (October 2025), Reached >7 million MAU and >1.5 million monthly purchases, Achieved profitability in FY25 with ₹15 crore net profit, Launched Snapmint Self-Branded Easy EMI (RBI-registered) for D2C brands, 80% year-over-year revenue growth to ₹158.5 crore in FY25
Growth metrics
Over 7 million monthly active users across 23,000 pincodes; >1.5 million purchases per month; FY24-25 revenue ₹158.5 crore; net profit ₹15 crore; 80% YoY revenue growth
Market positioning
One of India's leading BNPL platforms, positioned as the go-to solution for merchants targeting the non-credit-card holding segment
Geographic focus
India (primary and sole geographic focus)
Patents and IP
No public information available on patents
About Nalin Agrawal
Co-Founder & Director at Snapmint (Nov 2017-Present); Former Chief Product Officer at Holachef (Jul 2015-Oct 2017); Co-Founder of Sodel Solutions (Apr 2010-Jun 2015); B.Tech Electrical Engineering, IIT Bombay
Official website: https://snapmint.com