Nitin Gupta led Uni scores $18.5 Mn seed funding: valuation nears $40 Mn
Fintech startup Uni has scooped up $18.five million or Rs 137 crore in its maiden investment spherical led through Lightspeed Ventures India and Accel Partners India. In August, Entrackr had completely mentioned that the yet-to-be-released startup became in superior conversations to elevate $18-20 m
Fintech startup Uni has scooped up $18.five million or Rs 137 crore in its maiden investment spherical led through Lightspeed Ventures India and Accel Partners India.
In August, Entrackr had completely mentioned that the yet-to-be-released startup became in superior conversations to elevate $18-20 million from the aforementioned mission capital investors.
According to Uni’s press statement, the startup led via way of means of PayU’s co-founder and Ola Financial’s former CEO Nitin Gupta, will utilise the seed capital to construct a crew and for advertising and operating capital. While the corporation hasn’t found out the precise enterprise model, it’s far possibly to recognition at the underserved patron with exclusive credit score products.
The corporation has allocated three fairness stocks and 36,470 Series A choice stocks at a fee of Rs 41,778 consistent with proportion to elevate round Rs 110.6 crore, the corporation’s regulatory filings show.
Lightspeed and Accel have invested Rs 44.24 crore every whilst UAE-primarily based totally Acorn Heavy Industries has invested Rs 22.12 crore. It seems that the corporation can also additionally acquire the last amount in the coming days.
Following the allotment of stocks, founder Gupta holds the biggest stake at 46.48% accompanied via way of means of Accel and Lightspeed with 15.38% stake every and Acorn receives 7.69%.
Uni’s different co-founder Prateek Jindal, a former government at Ola, holds a 6.64% stake. The corporation has onboarded Bajaj Finserve’s Laxmikant Vyas because the third co-founder however his shareholding couldn’t be ascertained.
As consistent with Fintrackr’s estimate, Uni has been worth round $40 million in the seed spherical.
For Gupta, Uni is the third startup as a c0-founder after PayU and Khojguru. For the beyond 5 years, he has been an lively angel investor thru his family office. His notable portfolio consists of OfBusiness, BharatPe, Trell, Mosaic Wellness, GroMo, RippleHire and CoHo.
