Fintech startup Uni secures Rs 50 crore in the debt funding round from Stride Ventures
- ByStartupStory | June 9, 2022
Uni, a credit and payments-focused fintech business, has received a Rs 50 crore venture finance extension from Stride Ventures. Nitin Gupta, Uni’s founder and CEO said that the debt round from Stride Ventures is a vote of confidence in us and our business strategy from the market.
Uni offers credit-card-based products to clients, allowing them to pay in equal monthly payments afterwards. Pay 1/3rd, the company’s initial product, was introduced in June of last year and allows customers to pay for things in three equal instalments over three months with no additional fees.
Uni raised a relatively large Series A investment round of $70 million in December last year, led by US-based venture capital firm General Catalyst. The venture debt funding comes around six months after Uni raised a relatively large Series A investment round of $70 million in December last year, led by US-based venture capital firm General Catalyst. The Series A round included previous investors Lightspeed and Accel, as well as new investors Eight Roads Ventures, Elevation Capital, and Arbor Ventures.
Gupta, the ex co-founder of PayU and who also formerly worked for Bajaj Finserv and Ola Financial Services further said that with the Pay 1/3rd card, we are addressing the demand for flexibility while giving a client experience that is cut above the rest.
Over the last five years, venture loan investments in India have increased, since it has become a popular tool for startup founders to obtain financing without diluting the stock. Stride Ventures is raising its second venture loan fund right now. Stride Ventures is expected to collect over Rs 1,600 crore in April, exceeding its goal corpus of Rs 1,000 crore for its second fund.
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