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Mumbai, 31 October 2025 – Snapmint, one of India’s fastest growing EMI payments platforms (or “the Company”), today announced a new round of funding led by General Atlantic, a leading global investor. The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and other existing angel investors. With this new capital, the Company plans to grow its Equated Monthly Instalments (“EMI”) on UPI offering and expand its merchant network. Financial terms of the investment were not disclosed.

Snapmint was founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa to bring honest and transparent EMI offerings to mass affluent consumers of India without the need of a credit card. Beyond the conventional categories of electronics, home and travel, Snapmint shoppers also use its EMI-on-UPI offering for fashion, furnishing and other lifestyle purchases. The Company today serves more than 7 million monthly active users across 23,000 pincodes in India and finances more than 1.5 million purchases every month

Nalin Agrawal, Co-founder of Snapmint, said: “We believe India will leapfrog credit cards and go straight to EMI on UPI. We have pioneered EMI on UPI since 2020 and have enabled brands to increase their sales by 10 to 20% with our offering. With this new funding, we are excited to have General Atlantic join our journey to bring EMI payment solutions to more than 100 million consumers in the next few years.”

Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said: “Snapmint has built one of India’s largest EMI-on-UPI platforms, through its strong value proposition of affordability for consumers, and increased sales for merchants. We are excited to partner with Snapmint as it continues to scale its EMI payments platform and expand its network of merchants and customers.”

Prashasta Seth, Managing Partner of Prudent Investment Managers, said: “We are proud to have partnered with Snapmint since 2020 when they first started to build their EMI-on-UPI platform. Over the years, Snapmint has established market leadership and the founders have shown a steadfast commitment to building a sustainable and customer-centric business. As we deepen our partnership, we know that this is just the beginning of an exciting growth journey, and the best is yet to come.”

Radix Capital Advisors, led by Abhishek Taparia, has been Snapmint’s exclusive investment banking advisor since 2019.

About Snapmint
Snapmint is a Mumbai-based EMI payments company that provides seamless EMI payments on UPI without the need of a credit card. Founded in 2017 by IIT Bombay alumni – Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint is on a mission to provide fair and transparent EMI options to young mass affluent consumers of India. The company has offices in Mumbai, Bangalore, Delhi NCR and Jaipur.

About General Atlantic
General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $114 billion in assets under management, inclusive of all strategies, as of June 30, 2025, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

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Gina Rinehart’s Hancock Prospecting has warned that iron ore demand has “plateaued” as the mining group owned by Australia’s richest person diversifies with investments in lithium and rare earths.

Hancock on Friday said its net profit fell 44 per cent to A$3.1bn (US$2bn) in the year to June as the iron ore price declined and severe storms disrupted shipments from the Pilbara region of Western Australia. Revenue fell 21 per cent to A$11.6bn.

Iron ore is Australia’s largest export, accounting for as much as 4 per cent of the country’s GDP, according to economists. But weakening demand from the Chinese property sector and the official launch later this year of the Simandou mine in Guinea, part-owned by Hancock’s partner Rio Tinto, has put pressure on prices.

In recent years, Rinehart has expanded her company’s holdings to other materials, particularly rare earths, which are vital to the manufacture of fighter jets, electric vehicles and smartphones and of which China controls much of the world’s supply.

The value of her holdings in companies including Lynas Rare Earths, MP Materials and Arafura Rare Earths has boomed after Australia and the US signed an agreement to co-invest in a non-Chinese supply chain. She has also invested in the energy, beef and consumer goods sectors.

But Pilbara’s iron ore remains the core of Hancock’s business. The company said on Friday that “red tape” was threatening Australia’s mining sector, echoing peer BHP’s warning on the impact of stricter regulation.

“This is concerning given demand for iron ore has plateaued and first ore from the massive, high-grade Simandou iron ore development — which will compete against Australian ore — is expected before the end of the year,” Hancock said in its results statement.

Garry Korte, chief executive of Hancock, took aim at the Australian government’s spending plans and emissions reduction goals. 

“Australian industries and companies operate in an environment of escalating government expenditure, including subsidies, benefits, opaque forms of support and increased bureaucratic wastage,” he said. “Many of these industries and companies cannot afford the massive changes and costs required to meet greater net zero requirements.”

Rinehart, a supporter of US President Donald Trump, who has long railed against regulation and high taxation in the sector, said red tape would have a knock-on effect for public services.

“Less real investment, record debt and substantial interest payments, declining international competitiveness, record business failures and excess bureaucracy do not enhance our standards of living,” she said.

In the year to June, Hancock paid discretionary dividends of A$488mn to Rinehart and other family members. But A$6.4bn remains held in reserve for an unresolved court case over royalties between Rinehart and two of her children.