India’s buy-now-pay-later revolution just got supercharged. Snapmint, the startup that lets users pay via EMIs on UPI without a credit card, has raised a massive $125 million in its Series B round led by global investor General Atlantic. And this isn’t just funding—it’s a game-changer for how millions of Indians shop online.
The fresh capital will help Snapmint expand its EMI-on-UPI offering and grow its merchant network nationwide. $115 million of the funds is earmarked for growth, while the remaining provides early investors a profitable exit. The company has not revealed its current valuation, but insiders hint it could shake up India’s BNPL sector.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint already serves 7 million monthly active users across 23,000 pincodes, funding over 1.5 million purchases each month. From electronics to fashion, travel to lifestyle products, Snapmint’s flexible EMIs are transforming the way Indians shop.
“Snapmint is making digital credit simple and accessible,” said co-founder Nalin Agrawal. “This round will accelerate our growth and bring more merchants and users on board.”
Snapmint’s competitors include ZestMoney, LazyPay, Simpl, PayU PayLater, ICICI PayLater, and CRED—but its EMI-on-UPI model gives it a unique edge. No credit card? No problem. Snapmint is democratizing online shopping and redefining digital finance in India.
For merchants, Snapmint is a conversion booster. Flexible installment plans at checkout drive sales, increase repeat purchases, and keep users coming back. With AI-driven risk assessment and fraud prevention on the horizon, the platform is gearing up for smarter, safer lending.
The $125 million raise signals a new era in Indian fintech. Instant, flexible, credit-card-free shopping isn’t the future—it’s here. And Snapmint is leading the charge.
