Fintech startup Uni has raised $18.5 million (about Rs 136 crore) in seed funding — its largest in calendar 12 months 2020 — from marquee enterprise capital corporations Lightspeed Ventures India and Accel Companions India.
The corporate, which remains to be in stealth mode, has been based by Nitin Gupta, who was previously a senior government at Naspers-owned fintech main PayU India and at Ola Monetary Companies.
The massive seed spherical marks the newest instance of a second- or third-time entrepreneur elevating substantial capital whereas nonetheless in stealth mode.
Ashish Kashyap, founder and chief government 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.
Previous to establishing Uni, Gupta served because the chief government of Ola Monetary Companies from 2017 until he stepped down in Could. Earlier than 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 crew are keen about unlocking the ability of monetary companies for hundreds of thousands of Indian shoppers utilizing new tech-powered options. We’re enthusiastic about their mission and proud to assist them from Day One,” Bejul Somaia, associate, Lightspeed India Companions, mentioned.
Provided that Uni remains to be underneath wraps, the corporate has but to formally disclose its enterprise and income fashions. It has, nonetheless, mentioned that it’s primarily based on the enterprise mannequin of new-age bank cards for the digital technology.
The aim of the fundraising is to construct a crew and as soon as the product is launched, it will likely be used for advertising and marketing and dealing capital.
“Over the past 5 years, we now have witnessed a 3x acceleration of digital and digital fee platforms. Nonetheless, the share of bank card funds has fallen drastically. There is a chance to broaden the market from 58 million bank cards in India in the present day to 200 million bank cards over the subsequent 5 years by constructing new merchandise, catering to underserved buyer wants and getting new buyer segments,” Gupta, an IIM Ahmedabad and IIT Delhi alum, mentioned.
One in every of Uni’s co-founders, Prateek Jindal, performed a key function in establishing Ola Cash post-paid, whereas one other, Laxmikant Vyas, was head of danger for EMI playing cards enterprise and head of information science at Bajaj Finance.
Uni is Gupta’s third startup. Other than PayU and Uni, he had additionally co-founded Khojguru, an internet and mobile-based coupon service, which was bought in 2015.