M&A

M&A

BNPL co Uni Cards buys P2P NBFC Ohmy Technologies for Rs.4-Cr: report

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Bengaluru-based buy-now-pay-later (BNPL) player Uni Cards has acquired Mumbai-headquartered peer-to-peer lending platform Ohmy Technologies (OMLP2P) which owns a NBFC-P2P licence from the Reserve Bank of India (RBI). Uni Cards founders Nitin Gupta, Laxmikant Vyas and Prateek Jindal have joined the board of OMLP2P as directors. The cost of acquisition is said to be in the range of INR 3-4 crore. For FY22, OMLP2P posted INR 33 lakh in revenue from operations; and the losses for the period were INR 1 crore. Last September, RBI barred companies from loading prepaid cards or mobile wallets using credit lines issued by non-banking financial companies (NBFCs) and banks. This adversely impacted the business model of Uni and many others in the market.

From the Venture Intelligence PE-VC Deal Database: Between Aug 20 and Dec 21, Uni Cards had raised USD 95 M from Greenoaks Capital, Accel India, Lightspeed Ventures, Arbor Ventures, Firebolt Ventures, General Catalyst Partners, Eight Roads Ventures, Elevation Capital and others (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)