Reward points platform Twid raises $12M in Series A funding
Fintech platformhas announced that it has raised $12 million in a Series A round led by Rakuten Capital.
The round also saw participation from Google, ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund, and existing investors Sequoia's Surge and BEENEXT.
Twid, a reward point-based payment platform, said it will use the capital to build and scale its merchant and issuer network, build its tech capabilities, hire more talent, and expand its product roll-outs.
Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, the startup claims to have over 40 million active users on its network. Its Pay With Rewards feature is accessible at over 50,000 merchants in India.
"Twid is on a mission to revolutionise how rewards are viewed, understood, and used across platforms by creating a completely new network," said Amit in a press release.
The startup allows customers to pay at offline and online stores using their reward points. JioMart, NedMeds, Yatra, Gaana, Wakefit, Ixigo, ConfirmTKT, and InterMiles are some of Twid's partners.
"Rakuten Capital sees tremendous potential and future synergies in this investment. Given our global membership products are developed here in Bengaluru by Rakuten India, I'm thrilled to join the Twid board of directors...," said Sunil Gopinath, CEO of Rakuten India in the media statement.
Twid—which stands for 'That's What I Do'—primarily earns its revenue from merchants who pay it a commission, which is then split among acquirers, Twid, and reward issuers.
The Bengaluru-based startup said its focus, over the next 18 months, will be on expanding its merchant network.