Venture debt firmon Wednesday announced a debt round of Rs 50 crore in fintech startup Uni.
Stride Ventures claims to have created a portfolio by sanctioning over Rs 1,600 crore in 65+ companies across consumer, fintech, logistics, agritech, B2B commerce, healthtech, B2B SaaS, mobility, and energy solutions (EV).
Ishpreet Singh Gandhi, Founder and Managing Partner, Stride Ventures, said,
“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.”
Fintech startup Uni raised Rs 50 crore in debt from Stride Ventures
Founded by fintech and financial services veterans, Nitin Gupta, Prateek Jindal, and Laxmikant Vyas, Uni aims to bring a range of differentiated credit products to Indian consumers. The startup launched its flagship product, Uni Pay 1/3rd card, in June 2021. The card automatically splits every transaction into three parts to be paid over three months for no extra charges.
With the Pay 1/3rd Card, Uni aims to intuitively solve the problem of short-term liquidity. It also offers consumers the flexibility to convert transactions to ‘Pay in Full’ at the end of the 30-day free credit period, and in return, can enjoy a 1 percent reward in the form of cashback.
In December 2021, the fintech startup raised $70 million in a Series A round led by General Catalyst, Eight Roads Ventures and Elevation Capital, along with the existing investors—Lightspeed and Accel.
Uni claims that it is currently present in over 130 cities across India, including all major cities like Delhi, Mumbai, Hyderabad, Bengaluru, Pune, Chennai, Kolkata, Ahmedabad, Lucknow, and Jaipur.
Nitin Gupta, Founder and CEO, Uni stated,
“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 building a sustainable business. With a deep understanding of credit risk, we have ensured the right fundamentals are baked into each of our products.”