There’s a particular kind of investment decision that doesn’t get talked about enough – the second look. Not the first yes, or the first no but the moment you go back to a company you already passed on.
We looked at Snapmint before. We passed.
The unit economics didn’t work, customer acquisition costs were climbing faster than revenue, and the path to profitability wasn’t yet visible.
We never doubted the team. We weren’t comfortable with the economics.
Then the economics changed in the right direction and we invested in Snapmint’s Series B in 2025.
A growing market
India’s e-commerce space is nothing like it was five years ago. Consumers today are more tech-savvy, more aspirational, and unwilling to wait for a full paycheck to make a purchase. Buy Now, Pay Later has become the financing layer underneath that shift.
Snapmint is built for the next 180 million-plus mass affluent consumers, inside an online retail market headed toward $325 billion by 2030, offering credit to shoppers who are new to it and do not have access to credit cards.
Distribution that doesn’t rely on ad spend
Most consumer fintech businesses win or lose on CAC. Snapmint has quietly built its way around that problem.
Instead of buying customers through performance marketing, Snapmint has embedded itself directly into checkout as India’s largest 0% EMI network. About three-quarters of new users arrive through checkout, not through a Google or Meta ad. The result is a CAC which is a fraction of what other lending and BNPL businesses spend.
This is the kind of distribution advantage that compounds. The more merchants Snapmint is embedded with, the cheaper the next customer becomes.
Economics that get better with scale
Snapmint’s strong repeat transaction rate is a signal that once consumers use Snapmint, they come back. That paired with a widening merchant base, gives the business real network effects. Brands using Snapmint have reported checkout conversion increase, alongside gains in average order value and cart completion which is evidence that offering EMI at checkout doesn’t just serve existing intent, it creates new demand.
The growth numbers reflect it.
Snapmint’s revenue from operations climbed to Rs 158.5 crore in FY25, up nearly 80% year-on-year from Rs 88.5 crore in FY24 and the company swung from a net loss of Rs 33.6 crore in FY24 to a net profit of Rs 15 crore in FY25, its first profitable year.
That’s the metric that tells us that this is not a growth-at-all-cost story.
Underwriting that improves in real time
Credit businesses live or die by the quality of their underwriting, and this is where Snapmint’s short-tenor, high-frequency model becomes an advantage rather than a constraint. Processing over a million payments a month, at short loan durations, means Snapmint’s risk models get more data, faster, than a typical lender and get to refine those models on a quarterly cycle instead of an annual one.
That discipline shows up in the numbers.
What changed our mind
Today, along with merchant network of 2,000+ brands such as Meesho, Titan, boAt, Mokobara, Zepto and Ixigo, Snapmint has become a proven growth lever for eCom, D2C, and retail brands nationwide.
We didn’t invest in Snapmint the first time because the economics didn’t yet support conviction. We invested later because the team did the harder thing: they fixed the unit economics before chasing the next round. CAC came down, contribution margins turned positive and profitability arrived.
That’s not the story of a company hoping growth will eventually fix its problems. It’s the story of one that solved its problems first and is now ready to grow into the market it was always built for.