Team Startupcity

·  Kiwi secures $23 Mn Series B funding after nearly two years.

·  Vertex Ventures leads, with Nexus VP and Stellaris VP participating.

·  Valuation jumps to $100 Mn+, up from $65 Mn in Series A.

Fintech startup Kiwi is raising $23 million in Series B funding from new and existing investors, according to sources familiar with the deal. The Mumbai-based company last raised funds nearly two years ago.

Vertex Ventures is leading the round with a term sheet already issued, while Stellaris Venture Partners and Nexus Venture Partners are also participating. The fresh infusion is expected to push Kiwi’s valuation beyond $100 million.

In November 2023, Kiwi closed a $13 million Series A round, led at that time through Stellaris and Nexus, which valued the company at around $65 million.

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Founded in 2022, Kiwi has three co-founders: Anup Agrawal, a former Freecharge executive, along with Mohit Bedi and Siddharth Mehta. The company enables users to make UPI payments using RuPay credit cards, working in partnership with Axis Bank and NPCI.

The startup issues virtual RuPay cards linked directly to UPI apps such as Google Pay and PhonePe, placing it in competition with Slice, OneCard, and Uni.

Growing investor attention highlights the RBI and NPCI initiative to expand credit on UPI, a feature that went live in 2022 and has seen rapid adoption. Kiwi claims to be the first startup to offer a complete solution for credit on UPI.

Data from startup intelligence platform TheKredible shows that after the Series A round, co-founders Mehta, Agrawal, and Bedi each held a 16.2% stake, while Nexus Venture Partners remained the largest external stakeholder.