People · Financial Services
Kiwi cofounder Mohit Bedi steps down as CBO
By Startup Enthusiast ·
- Date
- Company
- Kiwi
- What it does
- Virtual RuPay credit card issuer
- Kind
- People
- Founded
- 2022
- Sector
- Financial Services
What they do
Kiwi issues virtual RuPay credit cards with bank partners, linked to UPI for credit-on-UPI payments
What happened
Cofounder and CBO Mohit Bedi stepped down from executive role for personal reasons; he will remain an advisor and long-term shareholder
Why it matters
CXO exits are rising in Indian startups, with similar moves at Policybazaar, Livspace, and Atomberg
The details
- Mohit Bedi, cofounder and chief business officer of Kiwi, has stepped down from his executive role citing personal reasons.
- He will continue as an advisor and long-term shareholder of the company.
- Bedi plans to take on advisory roles, engage in funding, and pursue angel investing.
- Kiwi was founded in 2022 by Mohit Bedi, Siddharth Mehta, and Anup Agrawal.
- The company issues virtual RuPay credit cards in partnership with banks.
- Users link these cards to UPI to make credit-on-UPI payments.
- Kiwi earns revenue from processing fees, rewards partnerships, and merchant commissions.
The bigger picture
- CXO exits are becoming more common in Indian startups, with recent departures at Policybazaar, Livspace, and Atomberg.
- Kiwi's net loss widened sharply to ₹64.2 Cr in FY25, up 158.8% from the previous year.
About the business
- Kiwi issues virtual RuPay credit cards through partnerships with banks.
- Users can link these cards to UPI to make payments using credit, a service called credit-on-UPI.
- The company generates revenue from processing fees, rewards partnerships, and merchant commissions.
- Kiwi's operating revenue was ₹3.8 Cr in FY25, slightly up from ₹3.6 Cr in FY24.
- Its net loss for FY25 was ₹64.2 Cr, a significant increase from ₹24.8 Cr in FY24.
What happens next
- Mohit Bedi plans to take on advisory roles, engage in funding, and pursue angel investing.
Investors
- Vertex Ventures (lead) — Led Kiwi's Series B round of ₹208.5 Cr last year.
- Stellaris Venture Partners (existing) — Backer of Kiwi.
- Omidyar Network (existing) — Backer of Kiwi.
- Nexus Ventures (existing) — Backer of Kiwi.
Founders
- Mohit Bedi, Cofounder and former CBO
- Siddharth Mehta, Cofounder
- Anup Agrawal, Cofounder
About Kiwi
- Product
- An app that issues RuPay credit cards and offers credit lines linked to the UPI network.
- Customers
- Individual consumers seeking the convenience of UPI payments combined with credit card limits.
- How it makes money
- Partners with banks to issue co-branded credit cards and credit lines, earning transaction-based fees.
- What sets it apart
- Pioneered Credit-on-UPI, allowing users to make credit-backed payments at any UPI-accepting merchant.