[Funding alert] Rewards-based payments platform TWID raises Rs 10 Cr as seed funding
Bengaluru-based payments app, TWID on Monday said, it has received Rs 10 crore, or about $1.4 million from SCV LLC, a family-owned business of tech entrepreneurs, as part of its seed round of funding.
In a statement, the company said that it has previously secured funds from many marquee investors like YourNest Fund, Whiteboard Capital, and Capillary Technologies.
Launched in June 2019, a brain child of former Fashalot Founders Amit Koshal, Rishi Batra and Amit Sharma, TWID is a mobile-first platform which empowers its users to track all the rewards and loyalty points at one place, and spend them like cash across many online and offline retail stores, making their existing and future reward points valuable.
Currently, the TWID app is available on Google PlayStore.
Speaking about the product, Amit Koshal, Founder and CEO of TWID said,
“Close to Rs 1.15 lakh crore is spent every month by Indian consumers who make multiple purchases through just credit and debit card. On these spends, we earn rewards not just from the banks but even by the brands, both offline and online. These points are simply lying idle and unused because they stay hidden. TWID makes rewards more valuable. By bringing the points in rotation, we’re ensuring a boost to digital transactions in the country through incremental swipes and spends on cards, net banking, and UPI.”
TWID will also facilitate additional earning on the same transaction for both its partners and consumers, Koshal added.
According to the founders, TWID’s partner banks and brands are leveraging the platform to take the value of their rewards to an all-new level for a multi-fold increase in their consumer engagement and steep growth in their businesses.
While, speaking about their investment in TWID, SCV LLC, said,
“In the US, the rewards ecosystem is compelling and completely consumer-centric. As India’s consumption story evolves along with a rising middle class who are price-sensitive, rewards will be the key differentiator for retailers and services providers alike. The TWID platform plays a critical role in the aggregation of rewards across various industries and provides a single source for accumulation, redemption, and ease of use.”
Within the first year of operation, the platform is looking to on-board more than 50 brands and banks with their rewards pool.
The firm is also targeting over 3 lakh merchants to accept TWID, as a mode of payment and over 3 million active users to transact using TWID.
(Edited by Suman Singh)