Anil Nayar (Snapmint): 10 Key Things You Must Know

Overview

Anil Gelra is an Indian entrepreneur and co-founder of Snapmint, a Mumbai-based fintech startup that has revolutionized the way consumers engage with online shopping through no-credit-card EMI (Equated Monthly Installment) payment solutions. Established in 2017 alongside IIT Bombay alumni Nalin Agrawal and Abhineet Sawa, Snapmint tackles the challenge of financial inclusion by enabling millions of Indians, especially those without traditional credit access, to purchase electronics, home appliances, and other goods via simple, interest-free installment plans. This article explores the multifaceted journey of Anil Gelra, his role in Snapmint, and the fintech innovations driving the company’s rapid expansion.

1. Early Career and Technical Expertise

Anil Gelra holds a Bachelor of Technology degree from the Indian Institute of Technology Bombay, where he studied from 2000 to 2004. Prior to co-founding Snapmint, he accrued significant industry experience in software development, honing skills in C++, ASP.NET MVC, and large-scale internet applications. This strong technical foundation laid the groundwork for his entrepreneurial ventures, enabling him to drive Snapmint's innovative technology solutions that power seamless, digital EMI payments without credit cards.

2. Founding of Snapmint and Vision

In 2017, Anil Gelra teamed up with Nalin Agrawal and Abhineet Sawa to create Snapmint, a fintech startup headquartered in Mumbai. Their vision was to dismantle traditional barriers to credit, particularly for underserved customers in India. Snapmint’s core mission is to provide a simple, fast, and zero-cost EMI solution that eliminates the need for complex documentation or credit cards—thus democratizing shopping access, particularly in tier II and smaller cities.

3. Snapmint’s Unique No-Credit-Card EMI Model

Snapmint distinguishes itself by offering installment payment options without requiring credit cards, a significant departure from most EMI providers. Instead, Snapmint leverages digital onboarding, data-driven credit scoring, and UPI-enabled transactions to provide instant credit at buyers’ fingertips. This model appeals broadly to India’s large unbanked and underbanked population seeking flexible payment plans for electronics, appliances, and fashion goods.

4. Product Offering and Market Reach

Snapmint’s product suite primarily focuses on affordable EMIs for mobiles, electronics, and household appliances. The company's platform boasts over 35 million app downloads and services more than 26,000 pin codes across India, underpinning its mass-market appeal and penetration. Snapmint also operates a proprietary EMI store on its app, allowing customers to shop for curated products directly—an innovative approach inspired by Anil Gelra's vision to complement financial services with product offerings.

5. Funding Milestones and Growth

Under Anil Gelra's co-leadership, Snapmint has successfully raised substantial capital over multiple funding rounds, totaling over $140 million. Notably, in late 2025, Snapmint secured $125 million from US-based private equity giant General Atlantic alongside other investors like Elev8 Venture Partners and Kae Capital. This funding aims to fuel expansion of their merchant network, enhance technology (especially EMI-on-UPI offerings), and deepen market presence.

6. Competitive Landscape in Indian Fintech

Snapmint operates in the competitive Buy Now Pay Later (BNPL) and no-cost EMI fintech space alongside players like Amazon’s axio and DMI’s ZestMoney. However, Snapmint’s early focus on underserved markets, simplified onboarding, and proprietary technology infrastructure provide it unique advantages. The company is positioned strategically to capture significant share in India's burgeoning digital credit market, forecasted to exceed $2 trillion by 2030.

7. Technological Innovations and User Experience

A key strength of Snapmint lies in its comprehensive tech stack and user-centric design championed by Anil Gelra’s product vision. Integrations with multiple shopping portals and a frictionless 5-minute online application process make it straightforward for customers to avail EMIs instantly. The app-driven EMI store also garnered rapid adoption, showcasing the innovative blending of financial services with an e-commerce experience to drive higher consumer engagement.

8. Expansion into Smaller Cities and Rural Areas

One of Snapmint’s standout achievements has been its ability to bring financial services to smaller cities and rural India, segments traditionally overlooked by mainstream lenders. The company’s digital credit assessment methods and partnerships with regional merchants allow wider reach beyond metro areas—a crucial factor in increasing financial inclusion, which Anil Gelra has emphasized in the company’s growth strategy.

9. Challenges Faced and Regulatory Environment

Operating in the fast-evolving fintech sector, Snapmint, along with Anil Gelra’s leadership, must navigate significant challenges including regulatory compliance, underwriting risk management, and fierce competition. India's regulatory landscape for digital lending is tightening, necessitating robust risk controls and transparency, which Snapmint pursues through continuous innovation and adherence to guidelines to uphold consumer trust.

10. Future Prospects and Impact

Looking forward, Anil Gelra and the Snapmint leadership aim to leverage advances in AI and data analytics to refine credit scoring and expand product offerings beyond consumer electronics to other sectors. The company is poised to scale its merchant partnerships and achieve its goal of serving over 100 million consumers with fair, accessible EMI solutions. This growth will contribute significantly to India’s digital credit ecosystem and empower more people to benefit from affordable and transparent financing options.

Conclusion

Anil Gelra's journey as a co-founder of Snapmint exemplifies the transformative impact of fintech innovation in India. By enabling no-credit-card EMI payments, Snapmint has made significant strides in democratizing access to consumer credit, especially for underserved markets. Supported by robust technology, visionary leadership, and substantial funding, Anil Gelra and his team continue to challenge traditional credit paradigms and expand financial inclusion. As fintech continues to evolve, one wonders how startups like Snapmint will reshape the future of retail finance across emerging economies.