Kiwi has raised $24mn (INR 208 Crore) in its Series B funding round led by Vertex Ventures South East Asia & India, with participation from Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network. The fresh capital will be deployed to accelerate Kiwi’s growth journey, advance its product roadmap, and sharpen its focus on building sustainable unit economics.
The company aims to enhance the experience for its consumers by elevating its rewards program and introducing new features complementing its core offering. These include add-ons for credit cards and EMI enablement on UPI.
Founded by Siddharth Mehta, Mohit Bedi and Anup Agrawal, Kiwi is reimagining how Indians use credit by enabling seamless access to credit lines through UPI. Since its launch in 2023, 2 Lakh RuPay Credit Cards have been issued on Kiwi and over 5 Mn merchant transactions are being processed monthly across 600 cities in India. The company has partnered with YES bank and AU Bank and plans to onboard two more large banking partners within this financial year. Over the next two years, Kiwi aims to issue 1 million RuPay credit cards, reinforcing its position as a leader in the fast-growing Credit-on-UPI segment.
Anup Agrawal, Cofounder and CEO of Kiwi, 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. 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.”
Kanika Mayar, Partner, Vertex Ventures SEA and India added: “We believe Credit Card on UPI is a unique product marrying UPI’s deep penetration with India’s growing demand for card and credit products. We are excited by the team’s vision and execution and believe they are strongly positioned to grow into one of the leading players driving credit cards adoption in India.”
The growth potential for Credit-on-UPI is immense. India today has over 350 million unique UPI users, nearly 8–10x the number of credit card users, and the acceptance network for Credit-on-UPI is estimated to be 35 times larger than that of traditional credit cards. By integrating UPI’s vast network with the flexibility of credit cards, Kiwi is enabling millions of consumers, especially those new-to-credit—to access credit in a way that is simple, secure, and widely accepted.
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