How Much Did Kiwi Raise? Funding & Key Investors

Kiwi has successfully raised ₹1,080,000,000 in a Series A round and $6,000,000 in a Pre Seed round, with backing from investors like Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network India. The platform offers an all-in-one "Credit on UPI" service, enabling users to make payments through their phones using either a bank account or credit card.

Keep reading to explore the intricacies of Kiwi's fundraising journey and the investors backing this innovative platform.

What Is Kiwi?

Kiwi, officially known as Gokiwi Technologies Pvt Ltd, was founded in November 2022 and is headquartered in Bengaluru, Karnataka, India. The company offers an all-in-one "Credit on UPI" service, enabling users to make payments through their phones using either a bank account or a RuPay credit card.

Kiwi's innovative platform provides users with benefits such as cashback, airport lounge access, and various other perks on everyday transactions. The company has between 11-50 employees, contributing to its rapid growth and customer satisfaction.

Unfortunately, the names of the founders are not mentioned in the available sources. However, Kiwi's commitment to enhancing the UPI payment experience has already made a significant impact in the financial services sector.

How Much Funding Has Kiwi Raised?

1. Pre Seed Round
   • Amount Raised: $6,000,000
   • Date: May 2023
   • Lead Investors: Nexus Venture Partners, Stellaris Venture Partners
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support the initial launch and expansion of Kiwi's credit card offerings on UPI.
2. Series A Round
   • Amount Raised: $13,000,000
   • Date: November 2023
   • Lead Investors: Omidyar Network India, Nexus Venture Partners, Stellaris Venture Partners
   • Valuation at Round: Around $70-80 million
   • Motivation Behind the Round: To expand Kiwi's offerings in the Indian market, launch new products, and onboard 500,000 customers by the end of 2024.

Total amount raised: $19,000,000. Current valuation: Around $70-80 million.

Key Investors

• Omidyar Network India
  • Details: Omidyar Network India is a social impact investment firm that supports innovative organizations aiming to create social change. They have been a key investor in Kiwi's Series A funding round.
  • Investment Focus Areas: Financial inclusion, education, governance.
  • Notable Investments: Quikr, Dailyhunt, 1mg.
• Nexus Venture Partners
  • Details: Nexus Venture Partners is a venture capital firm that invests in early-stage and growth-stage companies across various sectors. They have participated in both the Pre-seed and Series A funding rounds for Kiwi.
  • Investment Focus Areas: Technology, consumer, healthcare.
  • Notable Investments: Delhivery, Druva, Unacademy.
• Stellaris Venture Partners
  • Details: Stellaris Venture Partners is a venture capital firm focused on early-stage investments in technology and technology-enabled businesses. They have been involved in Kiwi's Pre-seed and Series A funding rounds.
  • Investment Focus Areas: Technology, consumer internet, healthcare.
  • Notable Investments: Mamaearth, Whatfix, LoadShare.

What's Next for Kiwi?

Kiwi stands at the cusp of a significant opportunity, aiming to onboard 500,000 customers by the end of 2024. With the UPI user base being 8-10 times larger than the existing credit card user base in India, the potential for growth is immense. The company plans to expand its offerings, including no-cost EMI on UPI and credit lines on UPI, while partnering with more banks to issue digital RuPay cards.

Future fundraising opportunities seem promising as Kiwi scales its operations and customer base. The successful Series A round and ambitious growth plans suggest potential for further investment rounds to support expansion. However, challenges such as competition from other fintech companies, regulatory compliance, and ensuring robust security and user experience could pose hurdles along the way.

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