Uni raises $18.5 million funding from Lightspeed, Accel

Fintech startup Uni has raised $18.5 million (around 136 crore) in seed subsidizing — its biggest in schedule year 2020 — from marquee VC firms Lightspeed Ventures India and Accel Partners India.

The organization, which is still in secrecy mode, has been established by Nitin Gupta, who was previously a senior leader at PayU India and at Ola Financial Services.

The enormous seed round imprints the most recent case of a second-or third-time business person raising considerable capital while still in covertness mode.

Ashish Kashyap, organizer and CEO of IndWealth; Kunal Shah, CEO of Cred and Jitendra Gupta of new age banking startup Jupiter are three different instances of business people that have raised $25 million and upwards for their most recent endeavors.

Preceding setting up Uni, Gupta filled in as the CEO of Ola Financial Services from 2017 till he ventured down in May. Prior to that, he filled in as CEO of PayU India, and was likewise credited as an author at the fintech major. Gupta likewise was instrumental in PayU’s $130 million obtaining of CitrusPay.

The motivation behind the raising support

There is a chance to extend the market from 58 million Visas in India today to 200 million charge cards throughout the following 5 years by building new items, taking into account underserved client needs and getting new client portions,” Gupta, an IIM Ahmedabad and IIT Delhi alum, said.

One of Uni’s prime supporters, Prateek Jindal, assumed a key part in setting up Ola Money post-paid, while another, Laxmikant Vyas, was head of danger for EMI cards business and head of information science at Bajaj Finance.

Uni is Gupta’s third startup. Aside from PayU and Uni, he had additionally helped to establish Khojguru, a web and portable based coupon administration, which was sold in 2015.

to construct a group and once the item is dispatched, it will be utilized for showcasing and working capital.

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