Upping its stake in the Indian fintech ecosystem, global technology major Google has pumped about $12 million in a Series A funding round led by Rakuten Capital for reward-based payments platform Twid. The fund is also backed by Sequoia India.
Founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, Twid combines multiple loyalty/reward points across issuers such as banks, fintech firms, and retail/e-commerce brands.
The platform allows consumers to pay at offline and online stores with a ‘one-click-checkout’ experience using their reward points. “Customers are able to stay updated with their points and are able to save, earn and pay every time when using aPay with Rewards,” Amit Koshal, Founder and CEO, Twid said.
This investment will accelerate our next phase of growth, further strengthening our innovations, product and offerings, he added. The funding round also saw participation from ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund with existing investors BEENEXT.
Sunil Gopinath, CEO of Rakuten India, will join the Twid board of directors on behalf of Rakuten Capital. “Rakuten Capital sees tremendous potential and future synergies in this investment,” Gopinath said.
Twid works with JioMart, NetMeds, Yatra, Gaana, Wakefit, ConfirmTKT, Ixigo, PAYBACK, InterMiles, IndusInd Bank, PayU, Juspay and many more. With over 40 million registered users and more than 50,000 live merchants, Twid also provides access to over $2 billion in reward points pool with its issuer partners and processes over 5 per cent of digital transactions for its merchant partners.