Fintech startup Uni has raised $70 million in Series A round led by General Catalyst, making this one of the largest Series A rounds in the Indian fintech space. The round also saw participation from Eight Roads Ventures, Elevation Capital, Arbor Ventures, and existing investors Lightspeed and Accel.
The Bengaluru-based startup had raised $18.5 million in its maiden funding round led by Lightspeed Ventures India and Accel Partners India in October last year. Entrackr was first to report Uni’s launch and its debut funding round.
The company has raised $88.5 million to date.
The funds will be utilized to scale up the team, launch new category-creating products and invest further in tech to improve the consumer experience, said Uni in a press release.
Founded by Nitin Gupta, Prateek Jindal and Laxmikant Vyas, Uni’s flagship product Pay 1/3rd card currently claims to register a monthly disbursal of Rs 175 crore within 6 months. The pay-later card automatically splits every transaction into 1/3rd allowing consumers to pay their monthly spending in three parts over three months for no extra charges.
According to Uni, it is currently growing at 50% M-o-M and is targeting to achieve Rs 1,500 crore monthly disbursals in the next 12-18 months. The company is present in 50 cities and is targeting to add 50 more cities in the next quarter.
Uni is the second-largest Series A round for Indian startups in terms of equity financing. In September, online debt platform CredAvenue had raised $90 million in its Series A round. E-commerce roll-up company GlobalBees had scooped up $150 million in its Series A round which included $75 million debt. The top Series A funded startups also include Zepto, Ola Electric, Mensa and Fampay.
Card-based credit businesses have been attracting a significant amount of attention from investors. Slice had raised $220 million led by Tiger and turned unicorn while OneCard is in talks to raise over $100 million at a valuation of $550 million. Entrackr had exclusively reported Oncard’s potential round on October 28. These two companies are Uni’s core competition.