Fintech startup Uni today announced that it has raised $70 million in a Series A round, making this one of the largest Series A rounds in the Indian fintech space. The round was led by General Catalyst and saw participation from our India Ventures team, Elevation Capital, Arbor Ventures, and existing investors Lightspeed and Accel India.
The funds will be utilized to scale-up the team, launch new category creating products and invest further in tech to redefine consumer experience.
Uni was founded by Nitin Gupta, Prateek Jindal and Laxmikant Vyas who previously held leadership positions in large fintech and financial services organizations like PayU, Bajaj Finserv and Ola Financial Services. The founding team came together on the back of considerable experience in products like pay later and credit cards. Uni raised a $18.5 million seed round in October 2020, while still in stealth mode and their flagship product, the pay later card, Pay 1/3rd card was launched in June 2021.
Pay 1/3rd card is one of the fastest growing pay-later cards in India currently, registering a monthly disbursal of INR 175 crore within 6 months: a rare feat in the BNPL space. It is India’s first pay-later card that automatically splits every transaction into 1/3rd allowing consumers to pay their monthly spends in 3 parts over 3 months for NO EXTRA charges. It also offers a unique flexibility to the users to get 1% rewards in the form of cashback if they choose to pay back in full after the usual 1-month interest free credit period. The card intuitively solves for short term liquidity without consumers being burdened by high interest rates and fees. It has seen massive adoption in the last 6 months and is currently growing at 50% M-o-M. The firm is targeting to achieve INR 1500 crore monthly disbursals in the next 12-18 months. Uni is already present in 50 cities and is targeting to add 50 more cities in the next quarter.
Nitin Gupta, Founder and CEO of Uni said, “The Indian credit market is ripe for explosion and there is vast room for innovation. We found a strong product market fit with our very first product, the Pay 1/3rd card - a first of its kind card in the market and haven’t looked back from there. BNPL is growing at a breakneck speed in India and within BNPL we are seeing that the biggest potential lies in the Pay1/3rd category and we are leading this space with our innovative product and customer experience. We are delighted to have some of the best investors in the world partnering with us as we gear up for our next phase of growth”.
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