Leading venture debt firm, Stride Ventures, today announced a debt round of INR 50 crore in Uni, a new-age fintech company. The venture debt fund is focused on providing debt solutions to new-age startups and through this association it has added yet another promising startup to its portfolio. With this debt round, Stride Ventures aims to be a strategic partner in the brand’s journey of disrupting the fintech landscape by providing first-to-category features and products customised for specific user needs.
Uni was founded by Nitin Gupta, Prateek Jindal and Laxmikant Vyas who previously held leadership positions in large fintech and financial services organisations backed by considerable experience in products like pay later and credit cards. The team launched their flagship product,Uni Pay 1/3rd Card, in June 2021. The card automatically splits every transaction into 3 parts to be paid over 3 months for no extra charges.
The fintech startup raised one of the largest Series A rounds in the Indian Fintech space in December 2021. General Catalyst, Eight Roads and Elevation Capital led Uni’s $70M series A along with the existing investors Lightspeed and Accel. Uni 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.
Commenting on the partnership Nitin Gupta, Founder and CEO, Uni said “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 build a sustainable business. With a deep understanding of credit risk we have ensured the right fundamentals are baked into each of our products. The debt round from Stride Ventures is a vote of confidence that the market has in us and our business model”
Commenting on the development, Ishpreet Singh Gandhi, Founder & 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.”