Fintech Startup Uni Raises $70 Million In Series A Funding
Uni, a Bengaluru-based fintech startup, has raised $70 million in one of the largest series A funding rounds, led by General Catalyst.
Elevation Capital, Eight Roads Ventures, Arbor Ventures have joined as new investors. Also, the funding round saw participation from existing investors Lightspeed and Accel India.
As per the startup, the freshly raised funds will be used to launch more products and scale monthly disbursements through its Uni Cards.
Uni Cards | Building An Enhanced Credit Experience For India
Founded by Nitin Gupta, former PayU India co-founder, Uni is a Bengaluru-based fintech startup that is building an enhanced credit experience for India and offers pay-later solutions through its cards, Uni Cards.
Speaking on the development, Nitin Gupta, Founder of Uni, said,
“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.”
Nitin added that the startup has been witnessing 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. Now, the startup aims to hit monthly disbursals of Rs 1,500 crore by September, stated Nitin.
Commenting on the funding round, Alex Tran, Managing Director at General Catalyst, said,
“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.”
Post the funding round, the fintech startup is now valued at $350 million compared to just about $45 million a year ago.
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