Twid, a payments platform that allows its users to pool and redeem rewards from the programmes they have subscribed to, has raised Rs 10 crore ($1.41 million at current exchange rate) as part of its seed funding round.
In a statement, Bengaluru-based Twid said it had raised the capital from SCV LLC, a family office of first-generation entrepreneurs who have built and exited several technology companies in India and the United States.
InnoTarget Fashalot Retail Pvt. Ltd-operated platform said it is aiming to onboard the rewards programmes of at least 50 brands and banks, and is targeting to cross three lakh merchants and over three million active users.
Co-founder and chief executive Amit Koshal said Twid was aiming to boost the number of digital transactions through incremental swipes and spends on various payments methods, including debit and credit cards, internet banking and Unified Payments Interface (UPI).
“Partner banks and brands are leveraging our platform to take the value of their rewards to an all-new level for a multifold increase in their consumer engagement,” Koshal said.
Separately, SCV LLC said the family office was confident about its investment as Twid’s platform positions itself as an aggregator for the collection and redemption of rewards across several industries.
Founded by Koshal, Rishi Batra and Amit Sharma, Twid allows users to club their rewards points, which can be used as a payment for expenses made through its service. It also analyses customer behaviour and spending patterns for providing predictive solutions to its customers.
Koshal, Batra and Sharma had previously founded offline-to-online fashion store Fashalot, which in September 2017 raised an undisclosed amount in pre-Series A round from Capillary Technologies. Whiteboard Capital and YourNest Angel Fund and Rajul Garg had also participated in the round.
Fashalot had raised an undisclosed amount of funding from YourNest Angel Fund and Garg in April 2016.