CMS IndusLaw has advised Bengaluru-based fintech startup Kiwi, operated by Gokiwi Technologies, on its $24 million Series B funding round led by Singapore-based Vertex Ventures, which was guided by Khaitan & Co.

The round also witnessed participation from existing investors Nexus Venture Partners, Stellaris Venture Partners, and Omidyar Network. This latest capital injection values the company at over $100 million post-money as it accelerates its growth trajectory in India’s burgeoning digital credit landscape.

Founded in 2022 by Siddharth Mehta, Mohit Bedi, and Anup Agrawal, Kiwi has pioneered the innovative concept of Credit-on-UPI by issuing RuPay credit cards linked to India’s leading retail payment network, Unified Payments Interface (UPI). Since its launch in 2023, Kiwi claims to have issued over 200,000 RuPay credit cards and currently processes more than 5 million merchant transactions monthly across 600 cities nationwide.

This fundraise follows Kiwi’s Series A round in November 2023, where it raised $13 million. With the current round, the company’s total capital raised reaches $43 million. The firm competes in the digital credit space with players like Slice, OneCard, and Uni, focusing on uniquely combining payment convenience and credit in a single platform via UPI.

The CMS IndusLaw team comprised of partners Winnie Shekhar, Shantanu Singh, senior associate Aditya Kumar, and associates Harsha Tiwari and Khushi Vardhan. Partner Raghav Muthanna and associate Aditya Subarno advised on the TMT aspects.

The Khaitan team was led by partner Sanjay Khan Nagra.