Bengaluru-based fintech startup Uni has raised $70 Mn in Series A round led by General Catalyst. The round also saw participation from Eight Roads Ventures, Elevation Capital, Arbor Ventures, and existing investors including Lightspeed and Accel.
The round, one of the largest Series A rounds in the Indian fintech space, values the startup at $350 million. The company will use the new funds to launch more products and scale monthly disbursements through its Uni cards, reported ET.
Founded in 2020 by ex PayU and Ola chief Nitin Gupta, ex Ola Money chief Prateek Jindal and Bajaj Finance chief Laxmikant Vyas, Uni is one of the many start-ups in recent times which aim to bridge the gap between India’s credit appetite and the abysmally low credit card penetration of 3 percent. The start-up has a Pay 1/3rd Card that was launched in June 2021, where it allows customers to split the costs of their purchases or bills into three parts.
“Uni card is our first product. There are four more products in the pipeline that will be launched in the next year . It will again be a combination of rewards, repayment period and so on. We are looking to launch a credit card too,” he said.
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Uni, a little over a year old, had raised $18.5 million in one of the largest seed rounds last year Lightspeed and Accel India.
Gupta said the company has seen fast adoption among users as it was disbursing around Rs 80 lakh a month six months ago which now stands at around Rs 175 crore. “The aim is to hit monthly disbursals of Rs 1,500 crore by September,” he added.
“There are few countries in the world where the opportunity for credit expansion is as massive as in India, and we believe some iconic companies will be built to capture this opportunity in the next decade. We are excited to back a team (Uni) that is world-class on credit, risk, and payments while also being hyper-focused on product and customer delight,” said Alex Tran, managing director at General Catalyst.
“Uni’s offering combines salient features of cards and ‘buy-now-pay-later’ to provide a game-changing consumer experience. We are impressed with Nitin and his team’s intense product focus and are excited to back them as they execute their bold vision to transform India’s consumer finance landscape,” said Shweta Bhatia, partner and head of technology investments, Eight Roads Ventures.
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