Founded by Nitin Gupta, the former chief executive at Ola Financial Services and CEO at Payu India, Uni has raised $18.5 million from Lightspeed Ventures India and Accel partners India
Uni is one of the few fintech startups in India to raise such massive funds while still in stealth mode. The startup is yet to unfold its plans, revenue model and business strategy.
Funded by Accel Partners India and Lightspeed Ventures India, Uni is to foray into the financial technology. As reported by Economic Times, Uni’s founder Nitin Gupta stepped down as the Chief Executive from Ola Financial Services in May, 2020.
Uni is just a few months old and such a massive amount of seed funding indicates a big start. Nitin Gupta co-founded the online payment gateway Payu and was also instrumental in Payu’s acquisition of its competitor Citrus Pay.
Uni, a startup that has no product yet, raises a massive seed fund which probably is the largest seed fund for an Indian startup in stealth mode and that too amid a global pandemic COVID-19. The credit to have raised such amount goes to Nitin Gupta’s career profile and Uni being his second venture probably after cofounding Payu.
“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.
The company has disclosed in short that it would have a business model based on new age credit cards. The revenue model is yet to be formally disclosed.
featured image source: TechCircle
Vinay is the Chief Editor at Red Newswire with over 12 years of experience in writing for startups, business , finance, politics and more. He also writes for Truth Indian and several other blogs. Though he is a graduate in Computer Science Engineering from Visweswararaya Technological University (VTU) Bengaluru, his passion for writing and expressing his views in an unbiased approach is more than that of a software developer by profession.
He is a regular follower of startup news and is keen on all that keeps happening in the business environment and the startup ecosystem.