Prashasta Seth, a prudent investment manager, has led the $18 million debt and equity raise for the fintech startup Snapmint. Additionally involved are Pegasus Fininvest and Perpetuity Ventures.
Snapmint had raised $21 million in debt and equity as part of its Series A round in August 2022.
Growing its merchant network, expanding its balance sheet, and investing in integration with additional shopping portals are the goals of the proceeds.
In 2017, Nalin Agrawal, Anil Gelra, and Abhineet Sawa founded Snapmint, a BNPL (Buy Now Pay Later) platform that provides credit by enabling users to purchase electronics, smartphones, and a variety of other goods.
Through its digital platform, Nimbus, the business provides its partners with easily accessible and customized solutions that help them grow their clientele and sales.
In 2022, the Mumbai-based company claims to have grown sixfold, primarily due to the adoption of Snapmint instalment payments by over 300 D2C brands. The company claims that 8 million Indian customers have downloaded its app. Additionally, it says that more than 4 million people use its platform, a large number of whom come from tier II and smaller towns.
Its competitors include ZestMoney, CASHe, EarlySalary, LoanTap, PaySense, MoneyTap, and Axio (formerly Capital Float). Northern Arc, ICICI, AU Small Finance Bank, MAS, and Vivriti are some of its current lending partners.
