Snapmint Raises $125M Series B Led by General Atlantic to Expand EMI-on-UPI Across India

Snapmint, a Mumbai-based fintech startup founded in 2017 by IIT Bombay alumni, has raised $125 million in a Series B funding round led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors. The round included $115 million in primary capital and secondary sales, facilitating partial exits for early investors. Snapmint offers cardless EMI (equated monthly installment) payment solutions via UPI, serving over 7 million monthly active users across 23,000 pincodes and financing more than 1.5 million purchases monthly, with expanding use in electronics, fashion, home, and lifestyle sectors. The company plans to use the funds to scale its EMI-on-UPI offering, expand its merchant network, enhance technology, and strengthen its in-house lending arm, aiming to reach over 100 million consumers. Snapmint reported a revenue increase of 80% to INR 158.5 crore and achieved profitability with a net profit of INR 15 crore for the fiscal year ending March 2025. This funding round underscores the growing demand for affordable consumer credit solutions in India, particularly among younger shoppers using microloans and EMI-based payments during the festive season.