Total amount raised
$13.4 Millions
Latest funding date
08/01/2022
Location
Twid has successfully raised funds through a Series A round, with notable investors including ICMG Partners and JAFCO Asia. The platform consolidates various rewards points systems into a single network, allowing consumers to use their rewards for daily expenses.
Keep reading to explore the intricacies of Twid's fundraising journey and the investors backing this innovative platform.
What Is twid?
Twid, founded in October 2020, is a pioneering platform in the financial services and FinTech industry. Based in Bangalore, Karnataka, India, the company was established by Amit Koshal, Amit Sharma, and Rishi Batra.
With a team of 11-50 employees, Twid consolidates various rewards points systems into a single network, enabling consumers to use their rewards for daily expenses. The platform supports payments at offline retailers, online partners, restaurants, hotel and flight aggregators, and more.
How Much Funding Has twid Raised?
- Seed Round
- Amount Raised: ₹100M
- Date: September 2019
- Lead Investors: SCV LLC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the platform and begin consolidating various rewards points systems.
- Seed Round
- Amount Raised: Not disclosed
- Date: June 2021
- Lead Investors: Surge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and increase its user base.
- Series A
- Amount Raised: $12M
- 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: $12M + ₹100M
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 focus on investing in technology companies to drive innovation and growth.
- Investment Focus Areas: Internet services, e-commerce, fintech, digital content
- Notable Investments: Lyft, Pinterest, Carousell
- Google
- Details: Google is a multinational technology company specializing in internet-related services and products. Known for its search engine, Google also invests in various technology sectors to foster innovation.
- Investment Focus Areas: Technology, internet services, AI, cloud computing, consumer internet
- Notable Investments: Uber, Airbnb, SpaceX
- Sequoia's Surge
- Details: Surge is a rapid scale-up program for startups in India and Southeast Asia, part of Sequoia Capital. It supports early-stage startups with funding and mentorship.
- Investment Focus Areas: Early-stage technology startups in India and Southeast Asia
- Notable Investments: Khatabook, Classplus, Doubtnut
- BEENEXT
- Details: BEENEXT is a venture capital firm investing in early-stage technology startups. They focus on supporting innovative companies in their growth journey.
- Investment Focus Areas: Early-stage technology startups, fintech, e-commerce, SaaS
- Notable Investments: Zilingo, NoBroker, Khatabook
- JAFCO Asia
- Details: JAFCO Asia is a venture capital firm focusing on high-growth companies in Asia. They invest in early to growth-stage technology companies.
- Investment Focus Areas: Technology, healthcare, consumer sectors
- Notable Investments: Gojek, Carousell, RedDoorz
What's Next for twid?
Twid is poised for significant growth as it expands its merchant and issuer network, enhances its technical capabilities, and rolls out new products. With over 40 million registered users and an acceptance network of 100,000 merchants, the platform is well-positioned to capitalize on the growing trend of integrating reward points into digital payment systems.
Future fundraising opportunities seem promising, given the strong backing from high-profile investors like Google and Rakuten Capital. As Twid scales, additional funding rounds could support further technological advancements and market expansion. However, the company may face challenges in integrating various reward systems, maintaining a competitive edge, and ensuring user engagement.
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