Fintech startup Uni has raised $70 million in a Series A round led by General Catalyst, making it one of the largest Series A investments in the country. Eight Roads Ventures, Elevation Capital, Arbor Ventures, and current investors Lightspeed and Accel also participated in the round.
In October of last year, the Bengaluru-based startup raised $18.5 million in its first investment round, led by Lightspeed Ventures India and Accel Partners India.
The company has raised $88.5 million to date. According to Uni, the funds will be used to expand the team, develop new category-defining products, and spend more in technology to improve the customer experience.
Uni’s flagship product Pay 1/3rd card, which was founded by Nitin Gupta, Prateek Jindal, and Laxmikant Vyas, claims to have generated a monthly disbursal of Rs 175 crore in just six months. The pay-later card automatically divides each transaction into thirds, allowing customers to pay their monthly bills in three instalments over three months without incurring any additional charges.
In terms of equity financing, Uni is the second-largest Series A round for Indian startups. CredAvenue, an online debt marketplace, raised $90 million in a Series A investment in September. GlobalBees, an e-commerce roll-up startup, raised $150 million in its Series A round, which included $75 million in debt. Zepto, Ola Electric, Mensa, and Fampay are among the top Series A backed startups.
Investors have been paying close attention to enterprises that operate on credit cards. Slice raised $220 million from Tiger and became a unicorn, while OneCard is in talks to raise more than $100 million at a $550 million value. On October 28, Entrackr was the first to report on Oncard’s prospective round.
