India’s fast-rising fintech landscape just witnessed another major breakthrough as Snapmint, a consumer lending platform, successfully raised $125 million in a fresh funding round. The deal, led by General Atlantic with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners, and existing angel investors, cements Snapmint’s position as one of India’s most promising players in the credit-on-UPI space.

According to Mint, the funding includes $115 million in primary capital, aimed at scaling Snapmint’s technology and reach, and an additional $10 million in secondary capital, facilitating early investor exits. The transaction, as confirmed by co-founder Nalin Agrawal, is set to close within two to three months, marking one of the largest recent rounds in India’s consumer lending sector. This fresh capital injection comes at a time when digital credit solutions are witnessing record adoption among India’s expanding online consumer base.

Snapmint’s next phase of growth focuses on three key pillars expanding its merchant network, upgrading its AI-driven credit engine, and scaling its innovative EMI-on-UPI product. The company aims to capture the rapidly growing segment of consumers who prefer flexible, cardless payments for both online and offline shopping. Agrawal emphasized that demand for credit-on-UPI has “skyrocketed,” especially during India’s festive season, where millions of young consumers leveraged microloans to access electronics, home appliances, and fashion products.

The startup’s momentum is evident in its surging transaction volume. In September alone, Snapmint recorded over 1 million interest-free EMI transactions, up from roughly 350,000 a year ago, a near 200% year-on-year increase. This exponential rise underscores the growing appetite for small-ticket credit solutions in India’s digital economy. Shantanu Rastogi, Managing Director and India Head at General Atlantic, praised Snapmint’s impact, noting that the platform has “democratized affordability” and empowered merchants to convert browsers into buyers through smarter, accessible payment solutions.

Founded in 2017 by IIT Bombay alumni Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint initially focused on providing cardless EMIs for electronics and travel purchases. Over time, the company has diversified into categories like fashion, home goods, and lifestyle, reflecting the evolving consumption habits of India’s middle-class and millennial consumers. The platform currently serves over seven million monthly active users across 23,000 pincodes, facilitating more than 1.5 million purchases per month, a testament to its rapidly expanding footprint.

Financially, Snapmint’s growth story is equally impressive. According to Entrackr, the company’s revenue from operations surged to ₹158.5 crore in FY25, up from ₹88.5 crore the previous year. Even more notably, Snapmint achieved profitability, recording a net profit of ₹15 crore in FY25 — a sharp turnaround from its ₹33.6 crore loss in FY24. This profitability milestone sets Snapmint apart in a fintech sector where most players continue to burn capital to scale.

Before this latest round, Snapmint had already raised $65 million across 18 rounds and was valued at $141 million in June 2025, according to market intelligence firm Tracxn. Its diverse investor base includes Anicut Capital, 9Unicorns, and Negen Capital, which have supported its vision of creating a seamless and inclusive digital credit ecosystem. The latest round was advised exclusively by Radix Capital Advisors, led by Abhishek Taparia, ensuring a smooth transaction for both new and existing shareholders.

Snapmint’s expansion arrives at a defining moment for India’s fintech revolution, as UPI-linked lending becomes a mainstream alternative to credit cards. With this new funding, the company is well-positioned to drive financial inclusion and affordability for millions, reinforcing India’s reputation as the world’s fastest-growing digital payments market. As Snapmint continues its upward trajectory, it stands as a powerful symbol of how technology, credit, and convenience are converging to reshape consumer finance in India.