Virtual credit card app Kiwi’s valuation jumps to $100 Mn in Series B round

Virtual credit card startup Kiwi recently secured $24 million or Rs 208.5 crore in its Series B round from Vertex Ventures with participation from existing backers Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network.

The Bengaluru-based company did not disclose key details such as its post-money valuation and shareholding structure, but Entrackr has sifted through the regulatory filings to uncover the critical details.

The board at Kiwi passed a special resolution to issue 20,251 Series B compulsory convertible preference shares at an issue price of Rs 1,02,955 apiece to raise the aforementioned amount.

Vertex Ventures led the round with Rs 113.2 crore ($13 million) followed by existing investors Nexus Venture Partners, Stellaris Venture Partners and Omidyar Network which invested Rs 47.5 crore ($5.45 million), Rs 34.9 crore ($4 million) and Rs 12.83 crore, respectively.

According to Entrackr’s estimates, the company’s valuation jumped 64% to Rs 870 crore or $100 million, as compared to Rs 531 crore ($64 million) in its Series A round.

In addition to the fresh funding, the Nexus Venture-backed company expanded its ESOP pool by issuing 2,582 new options, taking the total to 7,008. With this addition, the overall ESOP value now stands at approximately Rs 72 crore ($8.3 million).

According to startup data intelligence platform TheKredible, Kiwi has raised around $43 million to date. Following the allotment of this round, Nexus Venture Partners holds the largest 21.06% stake in the company followed by Stellaris’ 15.47%. New investor Vertex Ventures take 13% stake while co-founders, Siddharth Mehta, Anup Kumar Agrawal, and Mohit Bedi collectively retain 35.48% ownership. 

Launched in 2022, Kiwi offers an all-in-one credit-on-UPI solution, letting customers access credit via UPI using RuPay cards issued in collaboration with banks like YES Bank and AU Small Finance Bank. The app also enables users to block cards, adjust limits, make payments, and earn rewards on every transaction.

In FY25, Kiwi’s operating revenue remained flat at Rs 3.83 crore, while its losses spiked over 2.5X to Rs 64 crore during the same period.