Amritsar, NFAPost: Months old finance startup Uni has raised $18.5 million in seed funding from venture capital firms Lightspeed Ventures India and Accel Partners India.
The startup, founded by PayU India co-founder and former senior executive at Ola Financial Services, Nitin Gupta, managed to secure what comes as one of the largest seed financing rounds, amid the ongoing global pandemic.
Uni has not yet revealed what exactly its product or line of products will be, but has indicated that its business model is based on new-age credit cards for digital generation.
“Over the last five years, we have witnessed a 3x acceleration of digital and electronic payment platforms. However, the share of credit card payments has fallen drastically. There is an opportunity to expand the market from 58 million credit cards in India today to 200 million credit cards over the next five years by building new products, catering to underserved customer needs and getting new customer segments,” Gupta said.
Uni plans to utilise this fund raised to build a team and once the product is launched, it will be used for marketing and working capital.
“Nitin and Uni’s team are passionate about unlocking the power of financial services for millions of Indian consumers using new tech-powered solutions. We are excited about their mission and proud to support them from Day One,” said Bejul Somaia, partner, Lightspeed India Partners.
Uni is Gupta’s third startup, after PayU India and a web and mobile-based coupon service Khojguru.
Uni’s co-founders include Prateek Jindal, who played a key role in setting up Ola Money post-paid, and Laxmikant Vyas, who was head of risk for EMI cards business and head of data science at Bajaj Finance.
