PE-VC Fund Investments
Digital lender Snapmint raises $125-M from GA, others
Mumbai-based digital lending platform Snapmint has raised USD 125 million in a fresh round of funding from US-headquartered private equity firm General Atlantic. Elev8 Venture Partners and existing investors Prudent Investment Managers and Kae Capital invested in the round as well.While USD 115 million is in the form of primary capital, the rest is secondary infusion, where the company’s angel investors and its employees have sold shares.Founded in 2017 by IIT-Bombay batchmates Nalin Agrawal, Abhineet Sawa and Anil Gelra, Snapmint has raised USD 140 million since inception.Snapmint focuses on longer-duration loans with a mix of zero-cost and interest-bearing EMI products. The loans are processed via Snapmint’s own captive NBFC (non-banking financial company). It processes around 1.5 million EMI transactions every month.The company plans to use 50% of the funds raised to capitalise the in-house NBFC and the remainder to scale up operations.The company reported INR 150 crore in revenue in FY25 and is targeting to double it this year. Its profit after taxes but before Esop costs stood at INR 10 crore.
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