Google, which has invested billions throughout India’s telecom sector, is doubling down on its investments in world’s quickest rising web market. The search large has now backed Twid, a rewards-based funds platform, in a $12Mn Sequence A deal, that additionally consists of Rakuten Capital (the company enterprise capital arm of Tokyo-headquartered Rakuten Group). This brings Twid’s valuation to round $60 million put up cash, though this might change.
The spherical additionally included the participation from ICMG Companions, JAFCO Asia, January Capital, Reddy Futures Fund, and different current buyers, which included Sequoia Surge, the accelerator program of Sequoia India, and VC agency BEENEXT.
The Sequence A spherical follows a $2.5Mn spherical that the Bengaluru and Singapore-based Twid had raised in July 2021, led by BEENEXT and Sequoia Surge.
In keeping with a regulatory submitting, the individuals of the Sequence A spherical – Rakuten Capital, Google, Surge, BEENEXT, and others – have already put in round $9.5 million in Twid. As a part of the transaction, Rakuten India CEO Sunil Gopinath, will be a part of the board of Twid.
Proceeds from the funding spherical will likely be utilized in direction of scaling its service provider acceptance community over the following 18 months and drive recruitments throughout information science and analytics features to double its headcount by the tip of the present fiscal 12 months. It additionally intends to make use of the funds to construct and improve its expertise capabilities and develop it’s the rolling out of its merchandise.
The 2-year-old platform has already carved a distinct segment for itself within the sector and claims to have over 40 million registered customers at current. Its income primarily comes from the commissions it earns from retailers, and the quantity is split amongst acquirers, Twid, and reward issuers.
It lets prospects use rewards or loyalty factors from a variety of issuers to make funds at on-line and offline shops, which they’ll do by way of the “Pay with Rewards” possibility obtainable on the checkout web page.
A few of Twid’s companions embody on-line grocery platform JioMart, NetMeds, ticketing platform Yatra and music streamer Gaana, and has labored with manufacturers comparable to PayU, the Nationwide Cost Company of India (NPCI)’s nth Rewards, IndusInd Financial institution, and TimesPoint. Each Rakuten and Google are anticipated to assist Twid develop and improve its current mannequin.