Rewards and loyalty startup Twid raises $12 million In its Series A funding round
- ByStartupStory | August 3, 2022
Twid, a fintech platform, has secured a $12 million Series A investment sponsored by Rakuten Capital. Google, ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund, as well as current investors Sequoia’s Surge and BEENEXT, participated in the round as well.
The funding will be used to extend product roll-outs, hire more talent, create and scale its issuer and merchant network, and build its tech capabilities. The startup with headquarters in Bengaluru stated that over the next 18 months, it will concentrate on growing its merchant network. By building an entirely new network, Twid is on a mission to revolutionise how rewards are perceived, comprehended, and used across platforms, according to Amit.
Twid founder and CEO Amit Koshal stated, “By building an entirely new network, Twid hopes to alter how rewards are perceived, comprehended, and utilised across platforms. We are bringing together different business players and nudging them toward a future and ecosystem without currency. This validates our long-term value proposition to retailers, issuers, and customers. We are pleased to have investors who share our mission and who also lend us their extensive technological knowledge. This investment will catalyse our next phase of growth by boosting our innovations, products, and services.”
Rakuten India CEO Sunil Gopinath said, “Rakuten Capital believes that this venture has enormous potential and potential future synergies. I’m excited to join the Twid board of directors and look forward to working with the highly skilled team to change how reward points are perceived and used in India, as our global membership products are developed here in Bengaluru by Rakuten India.”
About Twid
The firm, which was established in 2020 by Amit Koshal, Rishi Batra, and Amit Sharma, claims to have over 40 million active members. Over 50,000 merchants in India offer access to its Pay With Rewards function. Twid, which stands for “That’s What I Do,” largely receives commissions from retailers. Twid, acquirers, and reward issuers then divide this revenue.
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