The firm had raised a USD 18.5 million seed round in October 2020, while still in stealth mode and its flagship product, the pay later card, Pay 1/3rd card was launched in June 2021. The valuation of the company after this funding has increased to USD 350 million from previous valuation of USD 45 million.
Uni stated that the Pay 1/3rd card is a fast growing card in India currently, registering a monthly disbursal of USD 23 million within 6 months. It is India’s first pay-later card that automatically splits every transaction into 1/3rd allowing consumers to pay their monthly spends in 3 parts over 3 months for no extra charges.
The company said its product has seen substantial adoption in the last 6 months and is currently growing at 50% month-on-month. Uni is targeting to achieve USD 196 million in monthly disbursals in the next 12-18 months. Uni is already present in 50 cities and is targeting to add 50 more cities in the next quarter.
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