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

EntrackrEntrackr ยท 28d 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. โ€œGeneral 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 companyโ€™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 Snapmintโ€™s installment payment options. โ€œThe terms of the deal have been finalized, valuing the company in the range of Rs 1,300โ€“1,400 crore ($150โ€“160 million). The investment is expected to be completed within a few weeks,โ€ 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 companyโ€™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: 60-min fashion delivery startup Slikk to raise $10 Mn led by Nexus

EntrackrEntrackr ยท 3m 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,โ€ 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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