Kiwi bags $13m in Series-A to expand “credit on UPI” in India

By Gloria Mathias

Kiwi, an India-based FinTech has raised $13 million (Rs. 108 crore) in a Series-A funding round led by Omidyar Network India.

This funding will enable Kiwi to further expand its ‘credit cards on UPI’ offerings in India. Existing investors, Nexus Venture Partners and Stellaris Venture Partners, also participated in this round.

Founded in November 2022, Kiwi is one of the premier FinTech companies in India to launch “credit cards with UPI” by issuing digital RuPay Cards in collaboration with banks. Its mobile application provides users with the ability to make secure payments using either a credit card or a bank account directly through their phones.

Kiwi had previously secured $6 million in funding from prominent investors, including Nexus Venture Partners, Stellaris Venture Partners, and a group of angel investors.

Siddharth Mehta (ex-CEO, Freecharge), Mohit Bedi (ex-Axis Bank and PayU), and Anup Agrawal (ex-business head, LazyPay) co-founded Kiwi. It has partnered with Axis Bank and plans to collaborate with two large banks in the next six months.

Kiwi is on a mission to expand the current underserved credit-worthy customer base in India. The number of unique UPI users is 8–10 times the number of existing credit card users in India, and the acceptance points for ‘Credit on UPI’ are estimated to be 35x larger than regular credit card acceptance points.

On the fundraise, Anup Agrawal, Co-Founder and CEO of Kiwi, said, “We have been big believers in UPI Credit Card from the start, and seeing it take shape is amazing. We started a few months ago, and looking at the positive response we have received in the last six months of our existence, this fresh round of financing comes at a critical juncture in our business. The funds will enable us to further develop our services and offer innovative products to our customers as we enter the next phase of product development and growth. With this funding round, we are excited to welcome our new investor, Omidyar Network India, onboard and humbled to have the confidence and trust of our existing investors, Nexus and Stellaris, in our business.”