Indian BNPL firm bags $70m in series A money

India-based Uni, a fintech firm that provides buy now, pay later services, has raised US$70 million in a series A round led by General Catalyst and joined by Eight Roads Ventures, Elevation Capital, and other investors.

The Uni team / Photo credit: Uni

Uni aims to tap the growing need for credit services in India, where credit card penetration has remained relatively low. The company expects the BNPL market in India to be worth up to US$50 billion by 2026 – an exponential jump from the current market size of US$3 billion to US$3.5 billion, citing a RedSeer report.

Founded in 2020 by Nitin Gupta, Prateek Jindal, and Laxmikant Vyas, Uni is aiming to hit monthly disbursals of 15 billion rupees (US$196 million) in the next year. Within six months of its official launch, the fintech firm’s flagship product – the Pay 1/3rd card – hit 1.75 billion rupees (US$22.9 million) in monthly disbursals.

The fintech startup plans to utilize the fresh capital to scale up the team, launch new products, and invest in technology.

See also: BNPL lights up India’s ecommerce sales this Diwali

Other investors in this round include:

• Arbor Ventures
• Lightspeed (existing investor)
• Accel (existing investor)

Currency converted from Indian rupee to US dollar: US$1 = 76.07 rupees.