Kiwi, a virtual credit card startup, recently raised $24 million, or Rs 208.5 crore, from Vertex Ventures in its Series B round. Current backers Omidyar Network, Nexus Venture Partners, and Stellaris Venture Partners also participated.

Key Highlights

• Kiwi secures $24 million in Series B led by Vertex Ventures, valuation soars above $100M.
• Virtual credit card app Kiwi expands credit-on-UPI offerings across India with fresh capital backing.

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

With a total investment of Rs 113.2 crore ($13 million), Vertex Ventures led the round. Current investors Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network contributed Rs 47.5 crore ($5.45 million), Rs 34.9 crore ($4 million), and Rs 12.83 crore, respectively.

In comparison to Rs 531 crore ($64 million) in its Series A round, the company's valuation increased by 64% to Rs 870 crore, or $100 million, according to estimates.

Along with the new funding, the Nexus Venture-backed company issued 2,582 new options, increasing the total number of options in its ESOP pool to 7,008. The total ESOP value now stands at about Rs 72 crore ($8.3 million) after this addition.

Also Read: Fintech Startup Kiwi Secures $24 Mn in Series B Funding from Vertex Ventures

Kiwi has raised about $43 million so far, according to TheKredible, a startup data intelligence platform. With this round's allocation, Nexus Venture Partners now owns the largest stake in the business (21.06%), followed by Stellaris (15.47%). Co-founders Siddharth Mehta, Anup Kumar Agrawal, and Mohit Bedi hold a combined 35.48% ownership stake, with new investor Vertex Ventures taking 13%.