Uni, founded by former PayU CEO & co-founder Nitin Gupta has raised $70 million in what is one of the largest Series A rounds by a fintech startup in India. The round was led by American venture capital firm General Catalyst.
It also saw participation from Eight Roads Ventures, Elevation Capital, Arbor Ventures, and existing investors Lightspeed and Accel. With this fundraise, Uni’s valuation has jumped seven times from $45 million to $350 million.
Uni is one of the many startups in recent times which aim to bridge the gap between India’s credit appetite and the abysmally low credit card penetration of three percent. The startup has a Pay 1/3rd card which was launched in June 2021, where it allows customers to split the costs of their purchases or bills into three parts.
While the Buy Now Pay Later (BNPL) space in India is ballooning with a host of startups extending the offering, Uni directly competes with fintechs like Slice, Simpl, and Indiabulls’ Dhani which offer a similar proposition of splitting repayments into three parts.