Fintech startup Kiwi has raised INR 208.5 crore (around $24 million) in a Series B funding round led by Vertex Ventures. Other investors, including Nexus Ventures, Stellaris Venture Partners, and Omidyar Network (ON), also took part in this round.
According to filings with the MCA, Vertex Ventures SEA Fund V invested INR 113.2 crore in Kiwi. Nexus Ventures VI and Stellaris Venture Partners India Trust II contributed INR 47.5 crore and INR 34.9 crore, respectively. Omidyar Network Mauritius II added another INR 12.8 crore.
In total, Kiwi issued 20,251 Series B CCPS shares to these investors as part of the funding round.
The new funding comes nearly two years after Kiwi raised $13 million in its Series A round in November 2023, which was led by Omidyar Network India with support from Nexus and Stellaris. The startup had also raised $6 million in seed funding back in May 2023.
With this latest Series B round, Kiwi’s total funding has reached around $43 million so far.
Kiwi was founded in 2022 by Siddharth Mehta, Mohit Bedi, and Anup Agrawal. The startup operates in the credit card and UPI payment sectors.
Kiwi issues digital RuPay credit cards in partnership with Axis Bank, and users can link these cards to their UPI accounts to make easy digital payments.
As a licensed UPI third-party app provider (TPAP), Kiwi has handled 580,000 merchant transactions in over 586 cities across India.
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