How Much Did twid Raise? Funding & Key Investors

twid has successfully raised funding over three rounds, with the latest being a Series A round led by Rakuten Capital. The company is backed by a total of 13 investors, including notable names like ICMG Partners and JAFCO Asia.

Keep reading to explore the intricacies of twid's fundraising journey and the investors backing this innovative rewards-based payment network.

What Is twid?

Twid, short for "That’s What I Do," is a pioneering fintech company based in Bangalore, Karnataka, India. Founded to revolutionize the payment landscape, Twid operates as India’s first rewards-based payment network, allowing users to aggregate and utilize reward points from various sources such as credit cards, debit cards, and brands.

With a team of 11-50 employees, Twid has successfully raised funding through three rounds, the latest being a Series A round. The company partners with issuers and merchants to offer a seamless and rewarding payment experience, enabling customers to use their reward points like cash at their favorite stores.

How Much Funding Has twid Raised?

1. Seed Round (2019-09-30)
   • Amount Raised: USD 1,400,000 (approx. INR 100,000,000)
   • Date: September 2019
   • Lead Investors: SCV LLC
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To establish the company and develop the initial platform.
2. Seed Round (2021-06-30)
   • Amount Raised: USD 2,500,000
   • Date: June 2021
   • Lead Investors: BEENEXT, Surge
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To expand the platform and increase user acquisition.
3. Series A Round (2022-08-02)
   • Amount Raised: USD 12,000,000
   • Date: August 2022
   • Lead Investors: Rakuten Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To build and grow the merchant and issuer network, enhance technical capabilities, hire more talent, and roll out new products.

Total Amount Raised: USD 15,900,000

Current Valuation: Not publicly disclosed

Key Investors

• Rakuten Capital
  • Details: Rakuten Capital is the corporate venture capital arm of Rakuten Group, a global leader in internet services and e-commerce. They led the Series A funding round for twid.
  • Investment Focus Areas: Internet services, e-commerce, fintech.
  • Notable Investments: Lyft, Pinterest, Carousell.
• Google
  • Details: Google is a multinational technology company specializing in internet-related services and products. They participated in the Series A funding round for twid.
  • Investment Focus Areas: Technology, internet services, innovative startups.
  • Notable Investments: Uber, Airbnb, SpaceX.
• BEENEXT
  • Details: BEENEXT is a venture capital firm investing in early-stage technology startups. They participated in both the seed and Series A funding rounds for twid.
  • Investment Focus Areas: Early-stage technology startups.
  • Notable Investments: Zilingo, NoBroker, Khatabook.
• Sequoia's Surge
  • Details: Surge is an accelerator program by Sequoia Capital India, focusing on early-stage startups. They participated in both the seed and Series A funding rounds for twid.
  • Investment Focus Areas: Early-stage technology startups, consumer sectors.
  • Notable Investments: Khatabook, Classplus, Doubtnut.
• JAFCO Asia
  • Details: JAFCO Asia is a venture capital firm focusing on high-growth companies in Asia. They participated in the Series A funding round for twid.
  • Investment Focus Areas: Technology, healthcare, consumer sectors.
  • Notable Investments: Gojek, Tokopedia, Carousell.

What's Next for twid?

Twid stands at the cusp of significant growth, with opportunities to expand its merchant and issuer network, enhance its technological capabilities, and roll out new products. The company already boasts an impressive acceptance network of over 100,000 merchants and 40 million registered users, indicating a vast market potential.

Future fundraising opportunities seem promising, given the substantial backing from high-profile investors like Rakuten Capital and Google. As Twid continues to scale, additional funding rounds could be anticipated to support its ambitious growth plans and technological advancements.

However, Twid may face challenges such as integrating various reward point systems, maintaining a robust technical infrastructure, and competing with other fintech solutions. Ensuring seamless user experience and scaling operations while maintaining service quality will be crucial for sustained success.

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