Snapmint raises $21M to continue its endeavour to empower India’s shoppers

SnapMint, a Mumbai-based fintech startup, has raised a complete of $21 million in fairness and debt as part of its newest fundraising spherical.

Whereas the fairness spherical noticed participation from marquee and current buyers, contributors within the debt funding spherical included institutional buyers led by Northern Arc Capital, a significant and numerous debt platform, and HNIs, who made investments by way of non-convertible debentures.

The corporate will use the funds to develop its service provider community each on-line and offline to energy the purchases of 550 million PAN card holders Indian shoppers.

In accordance Ashish Mehrotra, CEO, Northern Arc there’s a big potential for Purchase Now Pay Later (BNPL) in India, provided that there are practically 25 million instalment prospects.

“The sector is a high-yielding one as it’s predicted to develop by an astounding 11 instances to $43 billion by 2025, at a CAGR of 80 p.c. Snapmint is a singular inexpensive installment BNPL participant and has already created a distinct segment for itself,” he provides.

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“With digital KYCs and Account Aggregator infrastructure being launched together with the expansion in digital funds powered by UPI, we see robust tailwinds in buyer adoption of Snapmint funds,” says Anil Gelra, co-founder of Snapmint.

In response to a press launch, the corporate has grown practically 6 instances this 12 months, pushed by over 300 direct-to-consumer manufacturers adopting its providers. The corporate additionally claims to have practically 8 million shoppers in India.

Based by IIT Bombay batchmates, Nalin Agrawal, Anil Gelra and Abhineet Sawa in 2017, Snapmint, is an instalment BNPL platform aiming to democratise entry to credit score. It permits prospects to buy on instalments. It permits customers to buy something from mobiles to vogue utilizing a easy two-minute on-line course of.

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