No-cost EMI platform Snapmint has raised $18 million in a mix of debt and equity. The round was led by Prashasta Seth (Prudent Investment Managers), with participation from Perpetuity Ventures and Pegasus Fininvest.
The funding will be deployed to expand its product suite, and launch new services for our consumers and brand partners, according to Nalin Agrawal, co-founder of Snapmint.
Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, the start-up has recorded over 35 million downloads and offers no-cost EMI services across more than 26,000 pin codes. It focuses on enabling flexible payment options for online shopping and has partnered with brands such as boAt, Xiaomi, Croma, Cult, Arvind Fashions, Neeman’s, The Sleep Company, Snitch, and Mokobara. Its existing lending partners such as Vivriti, MAS, Northern Arc, ICICI and AU Small Finance Bank.
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