BackStride Ventures announces debt round of ₹50 crore in fintech startup Uni
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
PremiumLeading venture debt firm, Stride Ventures, on Wednesday announced a debt round of ₹50 crore in Uni, a new-age fintech company.
The venture debt fund is focused on providing debt solutions to new-age startups. 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.
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"
General Catalyst, Eight Roads and Elevation Capital led Uni’s $70M series A round in December 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, said the firm.
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."
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