Mumbai-based buy now pay later platform Snapmint has secured USD 125 million in its Series B funding round led by General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors.

The company plans to use the fresh funds to expand its EMI-on-UPI offering and strengthen its merchant network across India.

According to co-founder Nalin Agrawal, around USD 115 million of the total amount came as primary capital, while the remaining was raised through a secondary transaction. The round also facilitated partial exits for early angel investors. The company did not disclose its valuation.

As per data from TheKredible, Snapmint has raised approximately USD 140 million to date, including USD 18 million in a debt and equity round completed in December 2024. Following the latest investment, General Atlantic will hold an 18.8 percent stake in the company.

Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint enables customers to pay for purchases through EMI via UPI without needing a credit card. The platform supports installment-based payments across categories such as electronics, fashion, travel, home, and lifestyle products.

Snapmint currently serves 7 million monthly active users across 23,000 pincodes and finances over 1.5 million purchases each month.

Competing with players like ZestMoney, LazyPay, Axio, Simpl, and CRED, Snapmint aims to reach over 100 million consumers in the coming years.

For the fiscal year ending March 2025, the company reported an 80 percent increase in revenue to INR 158.5 crore and achieved profitability with a net profit of INR 15 crore, marking a key milestone in its growth journey.