Snapmint, a fintech platform, raises $21 million from existing and institutional investors in an equal mix of equity and debt. Prashasta Seth, CEO and CIO of Prudent Investment Managers, led the funding. Capital, 9 Unicorns, Anicut Capital, and Negen Capital were also investors in the round.
According to a statement, the funds will be used to expand Snapmint’s merchant network, both online and offline, to power the purchases of 550 million PAN card-holding Indian consumers.
Anil Gelra Co-Founder of Snapmint mentioned that with the introduction of digital KYCs and account aggregator infrastructure, as well as the growth in digital payments powered by UPI, we anticipate strong tailwinds for customer adoption of Snapmint payments. We are excited to work with prominent investors and industry players to empower young Indian consumers.
Snapmint claims to have grown six times by 2022, owing largely to the adoption of Snapmint instalment payments by over 300 D2C brands, and its app has been downloaded by 8 million Indian consumers.
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