Snapmint, a buy-now-pay-later platform, has raised USD 9 million in its series-A funding from a clutch of investors and industry leaders led by Prashasta Seth of Prudent Investment Managers.

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The round also saw participation of 9Unicorns, Anicut Capital, Negen Capital, Livspace founder Ramakant Sharma, Usama Fayyad of Open Insights among other angels, the city-based startup said in a note on Tuesday.

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The fintech platform has over 4 million consumers on its platform, many of them from smaller towns, and serves over 27,000 pin-codes.

With the investment, Snapmint plans to expand its network of merchants, launch a suite of innovative products and add more customers, it said.

Snapmint was founded in 2017 by four IIT Bombay batchmates Nalin Agrawal, Anil Gelra, Abhineet Sawa and Rahul Agarwal.

The USD 810-billion domestic retail market is the fourth largest in the world, and affordable credit options will continue to boost growth of this market.

According to a Bain & Co report, 80 per cent of growth in new e-retail customers has come from small towns in 2021.