One of the largest funding rounds in the Indian fintech space Uni raises $70 mn in Series A round
Fintech startup Uni raised $70 million in its latest Series A funding led by General Catalyst. Other participants are Eight Roads Ventures, Elevation Capital, Arbor Ventures, and existing investors Lightspeed and Accel. This marks to be one of the largest Series A funding rounds in the Indian fintech space.
Uni is a new-age fintech company that aims to bring a range of different credit products to Indian consumers. It is already present in 50 cities and With this round, the valuation of this Bengaluru-based startup jumped to $350 million.
Nitin Gupta, Founder, Uni said that, “From a 22-year-old to a 60-year-old is applying for this. From metros to the top 100 cities, people are applying for this. From a 3-lakh salary to a 60-lakh salary is applying for this. So, the distribution of our customer base is very diverse.”
Uni Pay 1/3rd Card is accepted at 99.9% of the merchants across the country that accept credit or debit cards and is targeting to achieve Rs 1500 crore monthly disbursals in the next 12-18 months.
With these fresh funds, Uni is planning to raise up the team, launch new category-creating products, and invest further in tech to redefine consumer experience. Uni has partnered with RBL Bank, State Bank of Mauritius, Liquiloans, and DMI Finance for its Pay 1/3rd Card. The start-up is still awaiting a non-banking financial company (NBFCs) license of its own.
Nitin Gupta, Founder, Uni also spoke about the risk factor and how they dodge it, he said, “The way we are managing risk, we decided to go after a customer only if they are thick on credit bureau. This means that they have a credit history on credit bureau like Cibil, etc for at least 1 year. Therefore, their risk becomes extremely predictable.”