New Delhi, Aug. 25 -- Fintech startup Kiwi, which facilitates credit via UPI for its customers, has pocketed $24mn (Rs 209 crore) in its Series B funding round led by Vertex Ventures South East Asia & India.
Its existing investors Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network also participated in the round.
The startup plans to use the capital to accelerate its growth, advance its product roadmap, and sharpen its focus on building sustainable unit economics, it said in a statement. It plans to improve the experience for its consumers by elevating its rewards program and introducing new features complementing its core offering, including add-ons for credit cards and EMI enablement on UPI, it said.
"As credit on UPI gains momentum, our vision is clear - we want Kiwi to be the go-to-platform for users by delivering an unmatched experience across onboarding, payment convenience, and rewards," said Anup Agrawal, cofounder and chief executive of Kiwi.
"The fresh capital will enable us to double down on this commitment, supported by robust product innovations. In the long-term, we want to be at the forefront of shaping the 'Credit-on-UPI' category impacting the lives of millions in every corner of India," he added.
Kiwi was set up in 2022 by Agrawal, who previously was the business head of fintech startup Lazypay, along with former Axis Bank Head of cards Mohit Bedi and ex-Freecharge chief executive Siddharth Mehta. The startup enables access to credit lines through UPI. Since its launch in 2023, two lakh RuPay credit cards have been issued on Kiwi across 600 cities in India
It currently has partnerships with YES bank and AU bank, and plans to add two more large banking partners within fiscal 2026.
The latest funding round for Kiwi comes less than two months after the fintech raised $13 million in its Series A funding led by Omidyar Network India. Previously, it raised $6 million in a pre-seed round from Nexus, Stellaris and a clutch of angel investors in May 2023.
Published by HT Digital Content Services with permission from VC Circle.