On Tuesday, the indigenous fintech startup Kiwi announced securing $13 million (approximately Rs 108 crore) in a Series-A funding round, spearheaded by Omidyar Network India. Joining the round were existing investors Nexus Venture Partners and Stellaris Venture Partners.
Established in November 2022, Kiwi highlighted that this infusion of funds will serve as a catalyst for further amplifying its 'credit cards on UPI' offerings within India's financial landscape. The distinctive 'credit cards with UPI' feature is made possible through the issuance of digital RuPay Cards in collaboration with banking institutions.
Endorsed by NPCI as a licensed UPI third-party app, Kiwi had previously garnered $6 million in funding from investors such as Nexus Venture Partners, Stellaris Venture Partners, and others.
Anup Agrawal, the co-founder and CEO of Kiwi, expressed, "The funds will propel us in refining our services and presenting innovative products to our clientele as we embark on the next phase of product development and expansion."
Kiwi, co-founded by industry veterans Siddharth Mehta (former CEO, Freecharge), Mohit Bedi (previously associated with Axis Bank and PayU), and Agrawal (former business head, LazyPay), currently boasts 25,000 issued credit cards and sets sights on onboarding 500,000 customers by the conclusion of 2024.
The startup has forged a partnership with Axis Bank and strategizes to collaborate with two major banks within the next six months to further bolster its outreach.
Treasa Mathew, Director at Omidyar Network India, emphasized their belief in the transformative potential of Kiwi's solutions, expressing enthusiasm in supporting the team's ongoing innovation and expansion endeavors.
(With Agency Inputs)
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