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Exclusive: Snapmint set to raise $40 Mn led by General Atlantic

EntrackrEntrackr · 1m ago
Exclusive: Snapmint set to raise $40 Mn led by General Atlantic
Medial

Exclusive: Snapmint set to raise $40 Mn led by General Atlantic Buy now pay later startup Snapmint is negotiating a new funding round to the tune of $40 million, according to sources aware of the deal. This will be the third funding round for the Mumbai-based startup since March 2022. “General Atlantic is in late-stage talks to lead a new funding round in Snapmint, with participation expected from existing investors as well," said one of the sources, requesting anonymity. Six months ago, Snapmint raised $18 million in a mix of debt and equity, led by Prashasta Seth (Prudent Investment Manager), with participation from Perpetuity Ventures and Pegasus Fininvest. Prior to that, it had concluded a $21 million Series A round in August 2022. Its investors also include Kae Capital, 9 Unicorns, Anicut Capital, and Negen Capital. Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers access to credit by allowing shoppers to buy mobiles, electronics, health and wellness, kitchen and homes, and many other items. The company’s digital platform Nimbus offers customized and easy-to-access solutions to its partners and helps them increase both sales figures and customer numbers. The company attributes much of its growth to D2C brands using Snapmint’s installment payment options. “The terms of the deal have been finalized, valuing the company in the range of Rs 1,300–1,400 crore ($150–160 million). The investment is expected to be completed within a few weeks,” said another source, requesting anonymity as the talks are private. General Atlantic and Prudent declined to comment on the story. Queries sent to Snapmint did not elicit a response until the publication of this story. According to startup data intelligence platform TheKredible, Snapmint posted Rs 88.56 crore in revenue in FY24 against Rs 79.75 crore in FY23. The company’s loss remained flat at Rs 33.64 crore in FY24 compared to Rs 32.98 crore in the previous fiscal year. Its FY25 results have yet to be reported. In the BNPL space, Snapmint competes with Axio (formerly Capital Float) and ZestMoney. While ZestMoney was acquired by DMI Group in a fire sale in January last year, Axio is all set to be taken over by e-commerce giant Amazon.

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Exclusive: Snapmint crosses Rs 150 Cr revenue threshold in FY25, turns profitable

EntrackrEntrackr · 14d ago
Exclusive: Snapmint crosses Rs 150 Cr revenue threshold in FY25, turns profitable
Medial

Exclusive: Snapmint crosses Rs 150 Cr revenue threshold in FY25, turns profitable Buy now, pay later (BNPL) startup Snapmint has made a strong comeback in FY25, recording nearly 80% year-on-year revenue growth after a flat performance in FY24. The company also turned profitable during the year, according to two sources and documents reviewed by Entrackr. Snapmint’s revenue from operations soared to Rs 158.5 crore in FY25 from Rs 88.5 crore in FY24, as per the documents. Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint offers credit solutions for purchases in categories like electronics, health, and home essentials. Its digital platform, Nimbus, helps merchants boost sales and reach with customized credit options. Interest income received from granting on services was the primary source of revenue, while commissions, subvention, discount from partners, and processing fees were other allied services for Snapmint. According to the sources, Snapmint also turned black with a profit after tax of Rs 15 crore, a reversal from a loss of Rs 33.6 crore in FY24. Queries sent to Snapmint did not elicit a response. Their comments will be added if and when they respond. The company has also been in talks to raise fresh funding to the tune of $40 million, with General Atlantic likely to lead the round at a valuation of around $150-160 million. Entrackr exclusively reported this development last month. According to the startup data intelligence platform TheKredible, the company has raised around $60 million to date, including its $18 million in a mix of debt and equity led by Prashasta Seth (Prudent Investment Manager), Perpetuity Ventures, and Pegasus Fininvest. With offerings that go beyond credit cards, using credit scores instead to perform a credit check and provide limits, Snapmint certainly fills a use case that has become more relevant after the advent of UPI for many users. However, Snapmint faces competition from several BNPL players, including Axio, which was recently acquired by Amazon, Fibe (formerly EarlySalary), which raised $90 million from TR Capital, and Amara Capital. Other competitors include Simpl, Layup, DMI Group-owned ZestMoney, and a few others. With investors no longer as willing to burn money to acquire customers or invest in community building, all the firms, especially those not affiliated to a large ecom platform, face the difficult challenge of access and recognition. With Fibe having raised significant capital, the journey ahead for Snapmint is tougher, but certainly not impossible. The best interest of these apps will be served by a tougher crackdown on unauthorized and illegal lending apps that will clear out the market and bring in a fresh, if smaller segment of new customers. A case for cooperation if there ever was one.

Exclusive: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus

EntrackrEntrackr · 4m ago
Exclusive: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus
Medial

Exclusive: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus Slikk, a fashion delivery platform promising 60-minute delivery, is all set to raise another funding round following its recent seed investment, sources familiar with the matter told Entrackr. "Nexus is spearheading a $10 million funding round at a $40 million valuation," said one of the sources. "The deal has already been finalized, and existing investors are expected to participate." On Tuesday, Slikk announced $3.2 million seed round led by Lightspeed with participation from Multiply Ventures and angel investors including Abhishek Goyal (Tracxn), Abhinav Pathak (Perpule), Madhav Tandan, Nikhil (Panthera), and Saurabh Gupta (DST Global). Slikk targets young, impulse-driven shoppers, including students, professionals, and trend-savvy urbanites influenced by social media. Over the next five years, it plans to expand into tier I and tier II cities, offering 60-minute fashion delivery while diversifying into seven-plus lifestyle categories. The startup features more than 80 brands, including Snitch, The Souled Store, Freakins, Uptownie, Off Duty, Bonkers, and Bewakoof. "Quick commerce is trending, and investors have recently shown strong interest in the fashion segment. With Myntra introducing a 30-minute delivery service for fashion and beauty products, more startups are likely to follow suit and seek funding,” said another source. Slikk declined to comment on the story while queries sent to Nexus did not elicit an immediate response.

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