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

EntrackrEntrackr · 8m 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 to raise $37.5 Mn in Series B led by General Atlantic

EntrackrEntrackr · 4m ago
Exclusive: Snapmint to raise $37.5 Mn in Series B led by General Atlantic
Medial

Exclusive: Snapmint to raise $37.5 Mn in Series B led by General Atlantic Buy now pay later startup Snapmint is all set to raise Rs 331.18 crore ($37.5 million) in its Series B round led by General Atlantic with the participation of existing investor Kae Capital and others. The board at Snapmint passed a resolution to approve the issue of 12,159 Series B CCPS at an issue price of Rs 2,72,378.63 each to raise the above-mentioned amount, according to its filing with the Registrar of Companies (RoC). General Atlantic will lead the round with an investment of Rs 300 crore ($34 million), while existing investor Kae Capital will participate with Rs 12.2 crore. Five Rivers Investment and Thomas Azavedo will contribute Rs 4.5 crore and Rs 3.5 crore, respectively. The remaining amount will come from other investors, including a group of angels. Snapmint is likely to raise additional funds in the ongoing round. According to media reports, the company may also see a secondary transaction in Series B. According to Entrackr’s estimates, Snapmint will be valued at around Rs 1,650 crore or around $187 million post-money. Founded in 2017 by Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint enables shoppers to access credit for purchasing mobiles, electronics, home and kitchen appliances, health and wellness products, and more. Its digital platform, Nimbus, provides customised and easy-to-integrate solutions for partner merchants, helping them boost both sales and customer acquisition. According to startup data intelligence platform TheKredible, Snapmint has raised around $65 million to date, including $18 million in a mix of debt and equity secured in December last year. Following the latest allotment, General Atlantic will hold an 18.8% stake in the company. For the fiscal year ended March 2025, Mumbai-based Snapmint reported a nearly 80% year-on-year increase in revenue to Rs 158.5 crore and turned profitable with a net profit of Rs 15 crore.

Exclusive: FarMart set to raise $30-40 Mn in new round

EntrackrEntrackr · 3m ago
Exclusive: FarMart set to raise $30-40 Mn in new round
Medial

Exclusive: FarMart set to raise $30-40 Mn in new round B2B food supply startup FarMart is in advanced discussions to raise up to $40 million in a fresh funding round from new and existing investors. "FarMart has been in talks for this round for a while, and although discussions earlier were for a much larger raise, it is now close to being settled in the $35–40 million," said a source. Impact Fund Denmark and Greater Pacific are set to lead the round, while existing investors General Catalyst and Matrix Partners are also expected to participate. Earlier in April, FarMart raised $10 million in a mix of debt and equity. FarMart’s B2B platform digitizes the supply chain for agricultural inputs and produce by connecting nearby buyers and sellers, helping reduce logistics costs. It has built a strong retail presence across central and northern India, though its footprint in the southern states and Jammu & Kashmir remains limited. FarMart has so far raised more than $60 million, including its $32 million Series B round led by General Catalyst. The company’s operating revenue grew 30% year-on-year to Rs 1,341 crore in FY24, while it posted a net loss of Rs 68 crore. FarMart competes with Gramophone (now merged with Unnati), Agrim, Krishify, and several other players in the agri-supply ecosystem.

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

EntrackrEntrackr · 7m 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: GIVA raising $12 Mn in extended Series C round

EntrackrEntrackr · 6d ago
Exclusive: GIVA raising $12 Mn in extended Series C round
Medial

Omnichannel jewelry startup Giva is set to raise Rs 110 crore (around $12 million) in its Series C extension round led by HPV CC1 ltd, with the participation from Premji Invest, Kenro Capital, and Titan Capital. The fresh investment came nine months after GIVA raised Rs 530 crore ($61.5 million) in its Series C round led by Creaegis, with participation from Premji Invest, Epiq Capital, and Edelweiss Discovery Fund. The board at Giva passed a resolution to approve the issuance of 94,01,710 Series C1 CCPS at an issue price of Rs 117 each to raise the aforementioned sum, its regulatory filing accessed from RoC shows. HPV CC1 Ltd will lead the tranche with Rs 74.25 crore ($8.25 million), followed by Kenro Capital, which will invest primary capital of Rs 13.75 crore. Premji Invest via PI Opportunities Fund II and Titan Capital via Winners Fund will be injecting Rs 11 crore each. The company will use the proceeds for operational expenses, including hiring, marketing, and other general corporate purposes, as per filings. According to Entrackr’s estimates, the firm’s valuation will rise to around Rs 4,900 crore ($545 million), which represents a 22% increase from its previous valuation of about Rs 4,000 crore when it raised Rs 530 crore. Founded in 2019, Giva originally launched as an affordable jewelry brand, has expanded into gold jewelry and lab-grown diamonds. Led by Ishendra Agarwal, the company now operates around 150 physical stores across India, alongside its website and app, and has adopted a franchise-led model to further expand its reach. The Bengaluru-based firm has raised over $146 million to date, including its Rs 255 crore Series B round, which was a mix of primary and secondary transactions led by Premji Invest and Epiq Capital. For the fiscal year ended March 2025, the jewelry brand’s operating revenue jumped 89% to Rs 518 crore from Rs 274 crore in FY24. However, its losses also grew 22% to Rs 72 crore during the same period.

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