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December 9, 2025
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- Sun, 14 December 2025
Fintech startup Kiwi has raised $24 million (₹208 crore) in a Series B funding round led by Vertex Ventures Southeast Asia & India, along with participation from existing investors Nexus Venture Partners, Omidyar Network India, and Stellaris Venture Partners. The Bengaluru-based company said the fresh capital will be used to introduce new credit line products on UPI, enhance its mobile-first offerings, and strengthen its banking partnerships. The goal is to make credit more widely available in everyday UPI transactions across India.
This new funding comes after Kiwi raised $6 million in seed funding in 2022 and $13 million in its Series A round in 2023. Since then, the startup has scaled rapidly, issuing over 200,000 RuPay credit cards through partner banks and handling more than 5 million monthly transactions across 600 cities. The company has publicly stated its ambition to issue 1 million RuPay credit cards by 2027 and to move towards profitability within the next two years, as demand for credit-on-UPI products grows among Indian consumers.
Founded by Siddharth Mehta, Mohit Bedi, and Anup Agrawal, Kiwi enables users to access RuPay credit cards directly via UPI, merging the ubiquity of UPI with the flexibility of credit. The startup has partnerships with YES Bank and AU Small Finance Bank and plans to onboard at least two more major bank partners in the near future.
The business model stems from the recognition that India has over 350 million unique UPI users, nearly 8 to 10 times the number of credit card holders, and the acceptance network for credit on UPI is 35 times larger than that of traditional credit cards.
Anup Agrawal, Kiwi’s Co-founder and CEO, emphasised, “As credit on UPI gains momentum, our vision is clear: we want Kiwi to be the go-to platform for users by delivering an unmatched experience across onboarding, payment convenience, and rewards,” noting that the funding will enable accelerated product innovation. Kanika Mayar, Partner at Vertex Ventures SEA & India, commented, “Credit Card on UPI marries UPI’s deep penetration with India’s growing demand for card and credit products.”
[Credits for header image: Plantify
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