Started by former PayU India cofounder Nitin Gupta, the new funding is being led by General Catalyst. Eight Roads Ventures, Elevation Capital, Arbor Ventures have joined as new investors.
Existing investors Lightspeed and Accel India also participated in this round, post which the Bengaluru-based startup is now valued at $350 million compared to just about $45 million a year ago. Gupta said the startup will use the new funds to launch more products and scale monthly disbursements through its Uni cards.
“Uni card is our first product. There are four more products in the pipeline that will be launched in the next year . It will again be a combination of rewards, repayment period and so on. We are looking to launch a credit card too,” he said.
Uni, a little over a year old, had raised $18.5 million in one of the largest seed rounds last year Lightspeed and Accel India.
Gupta said the company has seen fast adoption among users as it was disbursing around Rs 80 lakh a month six months ago which now stands at around Rs 175 crore. “The aim is to hit monthly disbursals of Rs 1,500 crore by September,” he added.
-
“ETtech is a sharply-focused lens that brings alive India’s tech businesses & dynamic world of startups”
Kunal Bahl, Co-Founder & CEO, Snapdeal
-
“I read ETtech for in-depth stories on technology companies”
Ritesh Agarwal, Founder & CEO, Oyo
-
“I read ETtech to understand trends & the larger India technology space, everyday”
Deepinder Goyal, Co-founder & CEO, Zomato
“There are few countries in the world where the opportunity for credit expansion is as massive as in India, and we believe some iconic companies will be built to capture this opportunity in the next decade. We are excited to back a team (Uni) that is world-class on credit, risk, and payments while also being hyper-focused on product and customer delight,” said Alex Tran, managing director at General Catalyst.
