Twid, a reward point-based payment solutions start-up, said on Wednesday it has raised $12 million in a funding round led by Rakuten Capital.
The Series A round saw participation from Google, ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund and existing investors BEENEXT and Sequoia India’s Surge. Twid said it will use the funds for expanding its merchant network, product rollout, technology and hiring.
Sunil Gopinath, chief executive officer of Rakuten India, will join Twid’s board of directors on behalf of Rakuten Capital, the corporate venture capital arm of Rakuten Group.
Twid is a network effect platform that combines loyalty/reward points across issuers such as banks, fintech firms, and retail/e-commerce brands. It allows consumers to pay at offline and online stores using their reward points.
“Twid is on a mission to revolutionize how rewards are viewed, understood, and used across platforms by creating a completely new network. We are bringing together various industry stakeholders nudging them towards a cashless ecosystem and future,” said Amit Koshal, founder and CEO, Twid.
Twid, which was founded in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, has more than 40 million registered users and 50,000 live merchants. The company works with partners such as JioMart, NetMeds, Yatra, Gaana, Wakefit, ConfirmTKT, Ixigo, PAYBACK, InterMiles, and IndusInd Bank.
