Fintech Startup Kiwi Raises INR 208.5 Cr in Series B Round Led by Vertex Ventures
In a significant development in India’s fintech ecosystem, Kiwi, a fast-growing startup that bridges the gap between credit cards and UPI payments, has raised INR 208.5 crore (approximately $24 million) in its Series B funding round. The round was led by Vertex Ventures, with strong participation from Nexus Ventures, Stellaris Venture Partners, and the Omidyar Network (ON).
According to the startup’s regulatory filings with the Ministry of Corporate Affairs (MCA), Vertex Ventures SEA Fund V Pte Ltd. made the largest investment in the round, infusing INR 113.2 crore. Nexus Ventures VI Holdings LLC and Stellaris Venture Partners India Trust II contributed INR 47.5 crore and INR 34.9 crore, respectively, while ON Mauritius II brought in INR 12.8 crore.
In return for the capital, Kiwi has allotted a total of 20,251 Series B Compulsorily Convertible Preference Shares (CCPS) to these investors. The funds are expected to help Kiwi scale its product offerings, strengthen its technology infrastructure, and expand its market presence.
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Kiwi’s Unique Fintech Proposition
Founded in 2022 by Siddharth Mehta, Mohit Bedi, and Anup Agrawal, Kiwi aims to transform how Indians use credit cards for everyday transactions. The startup offers digital RuPay credit cards in partnership with Axis Bank, which users can link with their UPI accounts to enable seamless digital payments.
This integration of RuPay credit cards with UPI allows users to enjoy the benefits of credit, including cashback and rewards, while leveraging the speed, convenience, and widespread adoption of the UPI ecosystem. Kiwi stands out in India’s crowded fintech market by merging the two most popular digital payment instruments — UPI and credit cards — into one unified offering.
The Growing Demand for UPI-Credit Card Integration
With UPI transactions consistently breaking records in terms of volume and value, there is a growing interest in expanding UPI’s capabilities beyond traditional bank-to-bank payments. The introduction of UPI on credit cards was a recent move by the National Payments Corporation of India (NPCI) aimed at enhancing consumer flexibility and promoting financial inclusion.
Kiwi is among the few early movers in this space, enabling users to tap into their credit lines via UPI-enabled platforms. This not only empowers consumers with more choices but also opens up new monetization opportunities for banks and fintech players alike.
What’s Next for Kiwi?
With the new funding, Kiwi is expected to double down on product innovation, expand its partnerships with banking institutions, and invest in user acquisition. The startup also plans to enhance its fraud prevention and risk assessment capabilities to maintain secure transaction environments.
As the Indian fintech sector continues to evolve, Kiwi’s model — blending the accessibility of UPI with the financial benefits of credit cards — could redefine how digital payments work in the country.
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