Rewards and loyalty startup Twid raised $12 million in its Series A round led by Rakuten Capital.
Google, JAFCO Asia, January Capital, ICMG Partners, Reddy Futures Fund and existing investors Beenext and Surge, an accelerator program of Sequoia Capital India, also participated in the funding round.
The company said it will use the funds to expand its merchant acceptance network, hire more talent in data science and analytics functions and support other technology innovations. The company also plans to double the number of employees by the end of the current fiscal year.
Founded in 2020, Twid combines various reward point systems across issuers into a single platform. With Twid, consumers can access all their rewards points from banks, brands, travel and dining on one platform and make payments for their daily spending. The platform works with payment gateways and payment providers to integrate their solutions and allow users to enjoy their rewards for payments.
Rewards platform Twid has an acceptance network of over 100,000 online and offline merchants, the company said.
Amit Koshal, Founder and CEO of Twid, said, “With fundraising, we will primarily focus on expanding our network and rewards in the coming months. We will also look to support more innovation for issuers and look at providing products and platforms to merchants to support their growth.” According to Koshal, the company currently has 40 million registered users.
As part of the transaction, Rakuten India CEO Sunil Gopinath will join Twid’s board of directors.
Sunil Gopinath, CEO of Rakuten India, said, “Rakuten Capital sees tremendous potential and future synergies in this investment. With our global membership products being developed here in Bengaluru by Rakuten India, I am excited to join the Twid board and look forward to working with (co-founders) Amit Koshal, Rishi Batra, Amit Sharma and their very capable team to change the way rewards points are used in India.”
In June last year, fintech player BharatPe announced the acquisition of a multi-brand loyalty platform, Payback India, to introduce rewards and customer loyalty programs. In April 2021, merchant payments platform Pine Labs also announced the acquisition of Singapore-based loyalty cashback startup Fave for $45 million to enter the consumer payments category.