Twid raises $12 million in funding

3 Aug 2022 , 03:21 PM

In a fundraising round headed by Rakuten Capital, reward point-based payment solutions start-up Twid said on Wednesday that it had secured $12 million.

Google, ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund, as well as current investors BEENEXT and Sequoia India’s Surge, participated in the Series A round. According to Twid, the money will be used for employment, technological development, product launch, and merchant network expansion.

Rakuten Capital, the corporate venture capital arm of the Rakuten Group, will send Sunil Gopinath, the chief executive officer of Rakuten India, to the board of directors of Twid. The network effect platform Twid aggregates loyalty and reward points from a variety of issuers, including banks, fintech companies, and retail and e-commerce companies. Customers are able to use their reward points to make purchases at both physical and online retailers.

Twid, which was established in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, has more than 50,000 active merchants and over 40 million registered users. JioMart, NetMeds, Yatra, Gaana, Wakefit, ConfirmTKT, Ixigo, PAYBACK, InterMiles, and IndusInd Bank are a few of the companies the business collaborates with.