Kiwi, a fintech startup, has raised ₹208 crore ($24 million) in its Series B funding round led by Vertex Ventures South East Asia & India. The round also saw participation from Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network.
The fresh funds raised will be used to accelerate its product roadmap and sharpen its focus on building sustainable unit economics.
Founded by Siddharth Mehta, Mohit Bedi and Anup Agrawal, launched in 2023, Kiwi leverages the benefits of Credit Cards with the widespread availability and convenience of UPI payments.
It has issued 2 Lakh RuPay Credit Cards, and over 5 million merchant transactions are being processed monthly across 600 cities in India.
The company has partnered with YES Bank and AU Bank and plans to onboard two more large banking partners within this financial year.
The fintech startup plans to issue one million credit cards in the next two years.
Anup Agrawal, Cofounder and CEO of Kiwi, said, “As credit on UPI gains momentum, our vision is clear – we want Kiwi to be the go-to-platform for users by delivering an unmatched experience across onboarding, payment convenience, and rewards. The fresh capital will enable us to double down on this commitment, supported by robust product innovations. In the long term, we want to be at the forefront of shaping the ‘Credit-on-UPI’ category, impacting the lives of millions in every corner of India.”
Kanika Mayar, Partner, Vertex Ventures SEA and India, said, “We believe Credit Card on UPI is a unique product marrying UPI’s deep penetration with India’s growing demand for card and credit products. We are excited by the team’s vision and execution and believe they are strongly positioned to grow into one of the leading players driving credit cards adoption in India.”
