Fintech startup Uni has raised $18.5 million (about Rs 136 crore) in seed funding — its largest in calendar yr 2020 — from marquee enterprise capital companies Lightspeed Ventures India and Accel Partners India.
The firm, which remains to be in stealth mode, has been based by Nitin Gupta, who was previously a senior govt at Naspers-owned fintech main PayU India and at Ola Financial Services.
The giant seed spherical marks the most recent instance of a second- or third-time entrepreneur elevating substantial capital whereas nonetheless in stealth mode.
Ashish Kashyap, founder and chief govt of IndWealth; Kunal Shah, CEO of Cred and Jitendra Gupta of latest age banking startup Jupiter are three different examples of entrepreneurs which have raised $25 million and upwards for his or her newest ventures.
Prior to establishing Uni, Gupta served because the chief govt of Ola Financial Services from 2017 until he stepped down in May. Before that, he served as CEO of PayU India, and was additionally credited as a founder on the fintech main. Gupta additionally was instrumental in PayU’s $130 million acquisition of CitrusPay.
“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,” Bejul Somaia, accomplice, Lightspeed India Partners, stated.
Given that Uni remains to be underneath wraps, the corporate has but to formally disclose its enterprise and income fashions. It has, nonetheless, stated that it’s primarily based on the enterprise mannequin of latest-age bank cards for the digital technology.
The function of the fundraising is to construct a group and as soon as the product is launched, it will likely be used for advertising and marketing and dealing capital.
“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 5 years by building new products, catering to underserved customer needs and getting new customer segments,” Gupta, an IIM Ahmedabad and IIT Delhi alum, stated.
One of Uni’s co-founders, Prateek Jindal, performed a key function in establishing Ola Money put up-paid, whereas one other, Laxmikant Vyas, was head of threat for EMI playing cards enterprise and head of knowledge science at Bajaj Finance.
Uni is Gupta’s third startup. Apart from PayU and Uni, he had additionally co-based Khojguru, an internet and cellular-primarily based coupon service, which was bought in 2015.