City Mumbai
Contact Number 022-48931351
Email care@snapmint.com
Head Office Unit No. 205, Building No. 3, Sector 3, Millenium Business Park MIDC, Mahape Navi Mumbai, Maharashtra 400710
Credit Democratisation
A Mumbai-based fintech company has quietly reshaped consumer credit in India. Three IIT Bombay graduates founded it in 2017 with a focused mission. They aimed to bring instalment-based purchasing to millions of underserved Indians. The company saw a clear gap in India's financial access landscape. Less than five percent of India's population owns a credit card. That single fact became the foundation of their entire business model. They built a cardless, paperless credit system for everyday consumers. Their core industry sits within consumer finance, targeting India's underbanked population. Tier II to Tier V cities represent their primary consumer base. The company operates as a registered NBFC under RBI's digital lending guidelines.
Instalment Architecture
The company offers No Cost EMI and Low Cost EMI options across 3, 6, and 9-month tenures. Consumers choose their preferred repayment window at the point of purchase. Zero down-payment plans are available with no pre-closure fees. The entire approval process takes roughly five minutes. Shoppers enter basic details and receive quick online approval without needing a credit card. Repayment happens through UPI, making the experience fully digital. Shoppers simply enter their mobile number and OTP for swift, document-free verification. This frictionless checkout experience reduces hesitation among first-time credit users. No branch visits, no paper forms, and no lengthy documentation burden the process. The company has consciously eliminated every traditional credit barrier.
UPI Innovation
EMI on UPI represents the company's most distinctive product innovation. It lets consumers split payments directly through the Unified Payments Interface. This UPI-first approach bypasses traditional credit checks and card dependencies entirely. India's widespread UPI infrastructure makes this model highly scalable. The company recognised UPI not just as a payment rail but as a credit channel. This positions the company at the intersection of digital payments and financial inclusion. Cardless EMI approval happens digitally via KYC verification. Repayment then flows through UPI without friction. The company follows a T+2 settlement cycle to pay merchants their full amount. Merchants receive complete payment upfront while consumers repay in instalments.
Merchant Connectivity
The company currently serves over 7 million monthly active users across 23,000 pin codes. Their BNPL offerings reach consumers across more than 26,000 pin codes in India. Merchant partnerships form the backbone of their business expansion. Brands like boAt, Xiaomi, Croma, Cult, Arvind Fashions, Neeman's, The Sleep Company, Snitch, and Mokobara have joined their network. The company has connected its system with over 500 brands and e-commerce portals. Each merchant benefits from higher conversion rates at checkout. The Buy on EMI option appears directly on product and cart pages for shoppers. This placement drives a 28 percent uplift from product page to cart. Upfront EMI clarity at checkout delivers a 30-plus percent conversion uplift. The merchant integration process moves from demo and agreement to go-live rapidly.
The company's growth trajectory shows consistent upward movement across key numbers. By 2023, their app crossed 35 million downloads and facilitated over 5 million EMI purchases annually. Today, the company processes more than 1.5 million purchases every month. Revenue stood at INR 80 crore in FY24, with projections of INR 150–160 crore for FY25. Merchant partners report average order value uplifts of up to 40 percent after adoption. One brand reported a 12 percent surge in revenue after offering flexible payment options. Another brand saw month-on-month revenue grow by 15 percent and prepaid transactions rise by 18 percent. Return-to-origin rates dropped meaningfully across multiple merchant case studies. These outcomes position the company as a measurable growth lever for D2C and e-commerce brands.
Risk Technology
The company employs machine learning algorithms and data analytics to assess creditworthiness. These tools help manage risk without relying on traditional bureau scores alone. The proprietary underwriting engine evaluates each consumer's repayment capacity independently. This proprietary risk underwriting differentiates the company from most BNPL competitors. The system processes applications quickly while maintaining credit discipline. Fraud detection layers sit within the approval workflow. The digital-first approach makes the entire process from approval to purchase swift and paperless. Data from millions of transactions continuously strengthens the underwriting model. The company's NBFC licence allows it to operate within a regulated lending framework. This combination of technology and compliance creates a responsible credit structure.
Category Expansion
The company's BNPL offerings span consumer electronics, health and wellness, fashion, and personal care. Fashion and personal electronics account for the majority of purchase volumes. The company has also begun piloting EMI offerings for offline retail businesses. Early pilots started with The Sleep Company in Bengaluru before expanding further. Adjacent categories including insurance, travel, and apparel are now broadening their product scope. This diversification reduces dependence on any single product vertical. Offline retail represents the next frontier in their merchant acquisition strategy. The company recognises that India's retail economy remains substantially physical. Reaching consumers in stores requires a different but equally frictionless experience. Their technology stack supports both online and offline checkout scenarios.
Funding Trajectory
In October 2025, the company closed a $125 million Series B round led by General Atlantic. Prudent Investment Managers, Kae Capital, and Elev8 Venture Partners also participated in this round. Of the total, $115 million came as primary capital while the remainder involved secondary transactions. This round followed an $18 million pre-Series B raise in December 2024. The fresh capital will support merchant network growth and enhancement of their tech stack. Investor confidence in the EMI-on-UPI model has grown substantially over recent years. The company aims to reach over 100 million consumers using this latest funding round. Their goal is to double revenue within the next financial year. General Atlantic's participation signals strong institutional belief in India's consumer credit potential. The company's valuation trajectory reflects the scale of that ambition.