Uni raises USD 18.5 million from Lightspeed and Accel in Seed Funding

CIOReviewIndia Team | Tuesday, 06 October 2020, 12:54 IST

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Seed Funding: Uni raises USD 18.5 million funding from Lightspeed and Accel

As its largest fundraising campaign in 2020, fintech startup Uni has raised USD 18.5 million in seed funding. The investment was made by marquee venture capital firms Lightspeed Ventures and Accel Partners India. 

Nitin Gupta, who was the former senior executive at Naspers-owned fintech major PayU India and also at Ola Financial Services. 

Other examples of entrepreneurs who have raised USD 25 million and upwards for their latest ventures are Ashish Kashyap, founder and chief executive of IndWealth; Kunal Shah, CEO of Cred and Jitendra Gupta of new age banking startup Jupiter. 

“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, partner, Lightspeed India Partners, said. 

“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, said. 

 

In setting up Ola Money postpaid, one of Uni’s co-founders, Prateek Jindal had played a key role. While also, Laxmikant Vyas, was heading the risk for EMI cards business and also the data science at Bajaj Finance.

 
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