In a significant boost to Mumbai-based fintech startup Kiwi, the company has successfully raised $13 million in its latest Series A funding round. The investment was led by Omidyar Network India, with participation from existing backers Nexus Venture Partners and Stellaris Venture Partners. This marks Kiwi’s second funding round in 2023, following its maiden funding of $6 million led by Nexus and Stellaris Venture Partners in May.
Kiwi’s Ambitious Growth: New Products, No-Cost EMIs, and Bank Partnerships with Fresh Capital Boost
Kiwi, co-founded by Siddharth Mehta, Mohit Bedi, and Anup Agarwal, has ambitious plans for the fresh capital. The company intends to launch new products in the coming year, including no-cost equated monthly installments (EMI) on UPI and the initiation of credit lines on UPI, in compliance with the National Payments Corporation of India (NPCI) regulations introduced earlier this year. The funds will also be utilized to further partnerships, having already collaborated with Axis Bank and with plans to join forces with two more major banks in the next six months.
Kiwi Revolutionizes Digital Credit: All-in-One UPI Solution with Rewards and Enhanced User Control
The virtual credit card platform introduced an all-in-one credit on UPI solution, enabling users to experience credit on UPI by issuing Rupay cards in collaboration with partner banks. The Kiwi app empowers users to manage their cards effectively by offering features such as blocking cards, increasing limits, and facilitating card payments. Users are also rewarded for every transaction made.
Kiwi Plans Product Expansion with Fresh Funding, Targets 500,000 Users on UPI by 2024
Since its inception, Kiwi claims to have issued 25,000 virtual credit cards, with an average monthly spending of approximately Rs 22,000 per user. According to Siddharth Mehta, users currently engage in 17-18 transactions per month. The company has set an ambitious target of providing access to credit on UPI for half a million users by 2024.
Kiwi Joins the footsteps of InsuranceDekho and Purple Style Labs in successful Series A Round in 2023
Kiwi’s successful Series A funding round in 2023 positions it among the select few startups achieving this feat. Notable others include insurance company InsuranceDekho and fashion startup Purple Style Labs, both securing two financing rounds within the same year.