Introduction: A Fintech Triumph in India’s BNPL Landscape
In a dazzling showcase of resilience and innovation, Snapmint, a Mumbai-based Buy Now, Pay Later (BNPL) fintech startup, has achieved a remarkable milestone by turning profitable in FY25 while posting an impressive revenue surge. Founded in 2017 by IIT Bombay alumni Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint is redefining consumer financing by offering seamless, credit-card-free EMI solutions. This achievement highlights the company’s strategic prowess and its pivotal role in empowering India’s digital shoppers, particularly in Tier II and III cities.
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Robust Financial Performance in FY25
Snapmint has delivered an extraordinary financial performance in FY25, with its revenue from operations soaring to ₹158.5 crore, reflecting a robust 79% year-on-year growth from ₹88.5 crore in FY24, according to documents reviewed by Entrackr. This significant leap follows a relatively flat performance in the previous fiscal year, underscoring the company’s ability to rebound and capitalize on the growing demand for flexible payment solutions.
The company’s primary revenue stream stems from interest income on its credit services, supplemented by commissions, merchant subventions, partner discounts, and processing fees. This diversified revenue model has bolstered Snapmint’s financial stability and market relevance.
Profitability Milestone: A Turnaround Triumph
Beyond revenue growth, it has achieved a significant profitability milestone, posting a profit after tax (PAT) of ₹15 crore in FY25, a stark contrast to a loss of ₹33.6 crore in FY24, as per sources. This turnaround reflects Snapmint’s focus on operational efficiency, advanced risk analytics, and a customer-centric approach, positioning it as a leader in India’s competitive BNPL sector.
Empowering Merchants and Consumers: The Nimbus Advantage
Its digital platform, Nimbus, has been instrumental in driving its success. By offering customized credit solutions, Nimbus enables merchants to boost sales and expand their reach, particularly in categories like electronics, health, and home essentials. The platform’s seamless integration with over 900 brands, including boAt, Xiaomi, and Croma, has facilitated over 5 million annual purchase-financing transactions, with 35 million app downloads across 26,000+ PIN codes in India.
Unlike traditional credit systems, Snapmint leverages credit scores and UPI-based transactions to provide instant credit access, eliminating the need for credit cards. This inclusive approach has made Snapmint a preferred choice for Gen Z and millennial consumers, particularly in underpenetrated Tier II and III markets.
Funding Momentum: Fueling Future Growth
Snapmint’s growth trajectory is supported by substantial capital infusions. The company has raised approximately $60 million to date, including an $18 million mix of debt and equity in December 2024, led by Prashasta Seth of Prudent Investment Managers, with participation from Perpetuity Ventures and Pegasus Fininvest. Additionally, Snapmint is reportedly in talks to secure a $40 million funding round led by General Atlantic at a valuation of $150-160 million, signaling strong investor confidence in its growth potential.
These funds are earmarked for expanding merchant partnerships, enhancing technological infrastructure, and scaling lending capabilities through co-lending and lending service provider partnerships with major banks.
Navigating a Competitive BNPL Landscape
Snapmint operates in a crowded BNPL market, facing competition from players like Axio (recently acquired by Amazon), Fibe (which raised $90 million), Simpl, ZestMoney, and LazyPay. Despite this, Snapmint’s focus on no-cost EMI solutions, high approval rates, and a digital-first approach gives it a competitive edge. The company’s partnerships with leading NBFCs like Tata Capital and KreditBee further strengthen its market position.
However, with investors increasingly prioritizing profitability over aggressive customer acquisition, Snapmint and its peers face the challenge of building brand recognition and trust without relying on heavy cash burn. A potential regulatory crackdown on unauthorized lending apps could level the playing field, creating opportunities for compliant players like Snapmint to capture a larger market share.
Looking Ahead: A Bright Future for Snapmint
Snapmint’s profitability and revenue growth in FY25 position it as a formidable player in India’s fintech ecosystem. By leveraging its NBFC license, advanced technology, and strategic merchant partnerships, the company is well-poised to capitalize on the projected $43 billion BNPL market opportunity by 2025. As it continues to innovate and expand, Snapmint is set to redefine how Indians shop, making high-value purchases accessible and stress-free.
also read : Porter’s Remarkable Turnaround: Achieves Profitability with Over ₹4300 Cr Revenue in FY25
Last Updated on Wednesday, July 16, 2025 4:03 pm by Siddhant Jain
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