Rewards And Loyalty Startup Twid Raises $12 Million In Series A Funding
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Twid, a rewards and loyalty startup, has raised $12 million in a Series A round headed by Rakuten Capital. The funding round included participation from Google, JAFCO Asia, January Capital, ICMG Partners, Reddy Futures Fund, and current investors Beenext and Surge, the accelerator programme of Sequoia Capital India.
The business stated that it would put the funds to use expanding its merchant acceptance network, hiring additional personnel for data science and analytics positions, and promoting greater technological advancement. By the end of the current fiscal year, the company also intends to increase the number of employees.
Twid was founded in 2020 platform that unifies various reward point systems from across issuers. Customers may access all of their rewards points from banks, brands, travel, and dining on Twid and use them to pay for their daily purchases.
In order to integrate its solution and enable users to use rewards for payments, the platform interacts with payment gateways and payment providers. According to the company, 100,000 online and offline merchants accept Twid's rewards scheme.
The founder and CEO of Twid, Amit Koshal said, "With the fundraising, we will continue to put the majority of our attention on expanding our network and the incentives component in the upcoming months. We will also aim to encourage greater innovation for issuers and look at offering goods and platforms to merchants to assist their growth.
The company currently has 40 million registered users, said Koshal. Sunil Gopinath, the CEO of Rakuten India, will join the Twid board as part of the deal.
"Rakuten Capital believes that this venture has great potential and will have future synergies. I'm thrilled to join the Twid board of directors and look forward to working with (cofounders) Amit Koshal, Rishi Batra, and Amit Sharma and their very capable team to transform the way reward points are used in India. Our global membership products are developed here in Bengaluru by Rakuten India,� Gopinath said.
BharatPe, a fintech company, said in June of last year that it has acquired Payback India, a multi-brand loyalty platform, in order to provide clients incentives and loyalty programmes. To penetrate the consumer payments market, Singapore-based loyalty cashback firm Fave was purchased by merchant payments platform Pine Labs for $45 million in April 2021.
