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Uni Cards acquires P2P lending platform OHMY Technologies

Uni Cards has acquired peer-to-peer lending platform OHMY Technologies (OMLP2P), according to a person aware of the development. OML owns an NBFC-P2P licence from the Reserve Bank of India.

The MCA reports that on January 7, Nitin Gupta, Laxmikant Vyas, and Prateek Jindal, the founders of Uni Cards, joined the board of OMLP2P as directors.

LinkedIn profiles of OMLP2P founders Surendra Jalan and Pramod Kumar Akhramka show that they served the company until January 2023.

While the acquisition cost is currently unknown, it is believed to be around ₹3- 4 crore. OMLP2P reported ₹33 lakh in operating revenue for FY22, yet the company also incurred losses of ₹1 crore.

From Accel Partners, Lightspeed, General Catalyst, Sparkle Fund, and other investors, Uni has so far raised $88.7 million in equity. While the fintech company’s revenue from operations was only ₹13.7 crore, it declared a loss of ₹139.5 crores in FY22.

Confirming the acquisition of OMLP2P, Nitin Gupta said, “This acquisition has been in play long before new guidelines or for that matter long before June 2022. It’s important part of our strategy.” He did not comment on the cost of acquisition.

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BRL Editor
BRL Editor
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