startup Snapmint has raised $125 million in a funding round led by General Atlantic, marking a major boost for its mission to democratize digital credit access in India. The company plans to use the funds to scale operations, enhance its in-house NBFC, and expand its EMI-on-UPI network nationwide.
Founded by IIT-Bombay alumni Nalin Agrawal, Anil Gelra, and Abhineet Sawa in 2017, Snapmint enables consumers to make flexible, no-credit-card purchases through easy EMIs directly on UPI — a model designed to serve India’s growing base of digital-first consumers.
Nalin Agrawal, Co-founder of Snapmint, said:
“We believe India will leapfrog credit cards and go straight to EMI on UPI. With this new funding, we are excited to have General Atlantic join our journey to bring EMI payment solutions to over 100 million consumers.”
Shantanu Rastogi, Managing Director and Head of India at General Atlantic, added:
“Snapmint has built one of India’s largest EMI-on-UPI platforms with a strong value proposition of affordability for consumers and increased sales for merchants.”
