Fintech startup Uni raises $70 million led by General Catalyst
Uni, a fintech business that offers pay-later solutions via its cards, has raised $70 million in one of the largest series A fundraising rounds in the industry.General Catalyst is leading the new fundraising, which was started by former PayU India cofounder Nitin Gupta. New investors include Eight Roads Ventures, Elevation Capital, and Arbor Ventures.
This round included existing investors Lightspeed and Accel India, and the Bengaluru-based business is now valued at $350 million, up from around $45 million a year ago. According to Gupta, the fresh cash would be used to expand the startup’s product line and increase monthly payouts through its Uni cards.”Our first offering is a university card. Four more goods are in the works and will be released in the coming year. It will be a combination of rewards, repayment duration, and other factors once again. He added, “We’re also planning to introduce a credit card.”
Uni, which is only a year old, raised $18.5 million from Lightspeed and Accel India in one of the largest seed rounds last year.According to Gupta, the company has witnessed rapid adoption among users, with monthly disbursements increasing from approximately Rs 80 lakh to around Rs 175 crore in only six months. “By September, we hope to have monthly disbursals of Rs 1,500 crore,” he added.
“There are few nations in the world with as large a credit growth opportunity as India, and we believe that over the next decade, several legendary companies will emerge to capitalize on this opportunity. We’re thrilled to support a team (Uni) that excels in credit, risk, and payments while also putting a premium on product and customer satisfaction “General Catalyst’s managing director, Alex Tran, stated.
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