Exclusive: Kiwi Just Landed $23M to Take Over India’s Credit Market — Is Your Wallet Next?

In a major shake-up of the fintech space, Mumbai-based startup Kiwi is set to raise $23 million in its Series B round, according to sources with direct knowledge of the deal. And this isn’t just another funding headline — Kiwi is aiming to change how millions of Indians use credit.

Backed by top investors like Vertex Ventures (set to lead the round), and returning heavyweights Stellaris Venture Partners and Nexus Venture Partners, the new funding will reportedly push Kiwi’s valuation to over $100 million. That’s a huge leap from its $65 million valuation during its Series A in late 2023.

The Disruptor Banks Should Worry About

Founded in 2022 by fintech veterans Anup Agrawal, Satyam Kumar, and Siddharth Mehta, Kiwi lets users link a virtual RuPay credit card directly to UPI apps like Google Pay and PhonePe — removing the need for physical cards altogether.

With the Reserve Bank of India and NPCI pushing for wider adoption of credit on UPI, Kiwi is positioned as one of the earliest and most integrated players in the space.

Why Investors Are Doubling Down

• First to launch a full-stack credit-on-UPI product
• Strong bank partnerships, including Axis Bank
• Growing demand for digital-first credit solutions
• Positioned against players like Slice, Uni, and OneCard

While Kiwi has declined to comment, regulatory filings confirm the raise is underway — and insiders believe this could be the beginning of a broader plan to dominate India’s digital credit landscape.