Snapmint, India's innovative EMI payments platform, secured new funding led by General Atlantic to expand its offerings and merchant network.

Target Information

Snapmint, established in 2017, is emerging as one of India's leading platforms for Equated Monthly Installments (EMI) on UPI (Unified Payments Interface). Founded by IIT Bombay alumni Nalin Agrawal, Anil Gelra, and Abhineet Sawa, the company aims to provide transparent and efficient EMI solutions to young and mass affluent consumers without requiring a credit card. Since its inception, Snapmint has successfully attracted over 7 million monthly active users across 23,000 pincodes in India and facilitates more than 1.5 million purchases monthly, spanning various categories including electronics, home goods, fashion, and more.

Snapmint has positioned itself as a disruptive force in the fintech landscape by enabling consumers to leverage EMI on UPI, a relatively new concept in India that promises affordability and accessibility. The company plans to expand its merchant network and enhance its EMI on UPI offerings with the recently secured funding, which reflects its commitment to redefine payment solutions in the country.

Industry Overview in India

The fintech industry in India is witnessing remarkable growth, driven by rapid digitization and increasing smartphone penetration. With a population exceeding 1.4 billion, the demand for innovative payment solutions has surged,