Uni, a fintech startup offering pay-later solutions through its cards, has raised INR 50 crore in debt funding round from Stride Ventures, a leading venture debt firm.
Uni was founded in June 2021 by Nitin Gupta, Co-founder of PayU and former CEO of Ola Financial Services and Prateek Jindal, who built Ola Money Postpaid, and Laxmikant Vyas, It offers ‘Pay Later’ loan through Uni Card, which users can swipe at POS terminals.
The company is currently present in more than 130 cities across India including all major cities like Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Kolkata, Ahmedabad, Lucknow, and Jaipur.
“At Uni, we aim to provide customised solutions to different consumer segments. With the Pay 1/3rd card we are addressing the need for flexibility while providing a rich customer experience that is cut above the rest. While there is no dearth of demand for credit products in India, matching the right customer profile with the right product is very important to build a sustainable business. With a deep understanding of credit risk we have ensured the right fundamentals are baked into each of our products. The debt round from Stride Ventures is a vote of confidence that the market has in us and our business model”, said, Nitin Gupta, Founder and CEO, Uni.
“We are delighted to partner with Uni on their mission to change the way people interact with credit. Nitin and the team working behind Uni have a deep understanding of the fintech ecosystem which they have utilised to create a well differentiated and highly flexible credit solutions product in the form of the Pay 1/3rd card. We at Stride Ventures are thrilled to support the founders and are confident that through their rich financial services experience they will continue to bring forth well thought-out product strategies by using pioneering technology”, said, Ishpreet Singh Gandhi, Founder & Managing Partner – Stride Ventures.
Stride Ventures claims to have a portfolio of over Rs 1,600 crore in over 65 companies across Consumer, Fintech, Logistics, Agritech, B2B Commerce, Healthtech, B2B SaaS, Mobility and Energy Solutions (EVs).
In December 2021, Uni had raised $70 million in one of the largest series A funding rounds in India. The funding round led by General Catalyst with participation from Eight Roads Ventures, Elevation Capital and Arbor Ventures.
Uni Cards is a new-age fintech company with a mission to change the way people interact with credit. By reimagining the existing credit products and delivering an unmatched credit experience to millions of Indians, Uni is disrupting how the traditional credit card products work.