US-based Robot Delivery Firm Kiwibot Acquires Taiwan-based Chipmaker

The delivery robotics firm Kiwibot has acquired Auto Mobility Solutions, a Taipei Taiwan-based chipmaker that specializes in robotics and autonomous driving technologies, reported Techcrunch.com

This strategic move is partly in response to the increasing tensions between the U.S. and China.

The acquisition aims to enhance Kiwibot's cybersecurity measures for AI-powered robotics and establish a stronger presence in Asia. The details of the transaction have not been disclosed, but the merger is seen as a significant step in innovation and privacy protection within the robotics industry.

The development comes within few days after Taiwan got struck by an earthquake, which was the most powerful earthquake to hit the region in last 25 years. The earthquake halted some chipmaking operations including the Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest maker of advanced chips, that had to evacuate staff and stop machinery as a precaution.

Kiwibot calls this acquisition deal a “significant milestone in both companies" journeys toward innovation and safeguarding privacy in the robotics industry, particularly for intelligent robots sourced from China and deployed in the Western markets.

This move also signifies Kiwibot's expansion and increased presence in the Asian market.

Founded in 2017, Kiwibot is a company that uses autonomous robots to deliver food and packages at over 35 universities and locations worldwide. The company's robots are designed to navigate and drive on sidewalks without human intervention in certain environments. Kiwibot's robots are powered by AI and a team of humans.

Kiwibot delivery robots

Kiwibot launched its first pilot at the University of California-Berkeley campus. With a presence at 27 US college campuses and 41 cities worldwide, the company aims to revolutionize food delivery with high-driving autonomous robots. They’ve delivered fresh food for restaurants like Dunkin Donuts, Subway, Pizza Hut, and Mr. Beast Burgers, and the service lets customers launch last-mile deliveries at a fraction of the time and cost without the hassle of hiring a courier. Having served 6,942 students and connected 133 restaurants with customers in 2022, Kiwibot is committed to a zero-carbon future eliminating the gas emissions of common delivery vehicles.

Auto Mobility Solutions is a Taipei-based company that specializes in robotics and autonomous driving technologies. The Taiwanese company focus on creating chips for robotics and autonomous conditions, with a strong emphasis on robot cybersecurity. The company was incorporated on April 10, 2018, and operates as a private limited company. Their services include the maintenance and repair of motor vehicles, as indicated by their SIC code 45200.

Back to Kiwibot, the robots delivery firm has raised a total of $45.6 million over various funding rounds. The last known funding round was a Series A for $10 million on February 22, 2023. The company has received investments from a diverse group of investors. Some of the notable investors include Kineo Finance, Bay Wharf Capital Cibersons, Socialatom Ventures, and Sodexo. These investors have contributed to Kiwibot's funding rounds, supporting their development of on-demand delivery robots designed for various services like food delivery.

 

Fintech Kiwi Raises $13 Mn in Funding led by Omidyar Network India to Expand the “Credit on UPI” Landscape in India

Co-founders of Kiwi_(L-R) Siddharth Mehta, Mohit Bedi, Anup Agrawal

• Existing investors Nexus Venture Partners and Stellaris also participated in the funding round
• Certified by NPCI, Kiwi will partner with leading banks to issue instant digital RuPay credit cards

Kiwi, one of India’s leading FinTech companies that is transforming the credit card landscape in India, has raised $13 million (Rs. 108 Crore) in a Series-A funding round led by Omidyar Network India. Existing investors, Nexus Venture Partners and Stellaris Venture Partners also participated in this round. This funding will enable Kiwi to further expand its ‘credit cards on UPI’ offerings in India.

Founded in November 2022, Kiwi is the first fintech company in India to launch “credit cards with UPI” by issuing digital RuPay Cards in collaboration with banks. Its cutting-edge mobile application provides users with the ability to make secure payments using either a credit card or a bank account directly through their phones. Certified by the NPCI as a licensed UPI third party app (‘TPAP’), Kiwi had previously secured $6 million in funding from prominent investors, including Nexus Venture Partners, Stellaris Venture Partners, and a group of angel investors.

Kiwi is co-founded by senior fintech experts and banking industry veterans, Siddharth Mehta (ex-CEO, Freecharge), Mohit Bedi (ex-Axis Bank and PayU), and Anup Agrawal (ex-business head, LazyPay). Currently, Kiwi has issued 25,000 credit cards and aims to on-board 5 lakh customers by end of 2024. It has partnered with Axis Bank and plans to collaborate with two large banks in the next six months.

Kiwi believes that leveraging credit as a key attraction will drive customer acquisition, particularly with the vast user base of nearly 300 million UPI users, out of which only 40 million are deemed credit-worthy by banks based on traditional underwriting criteria. Kiwi is on a mission to expand the current underserved credit-worthy customers in India. The number of unique UPI users is 8-10 times the number of existing credit card users in India, and the acceptance points for 'Credit on UPI' are estimated to be 35X larger than regular credit card acceptance points. This presents significant growth potential for Kiwi.

On the fund raise, Anup Agrawal, co-founder and CEO of Kiwi, said, "We have been big believers in UPI Credit Card from the start and seeing it take shape is amazing. We started a few months back and looking at the positive response we have received in the last six months of our existence, this fresh round of financing comes at a critical juncture in our business. The funds will enable us to further develop our services and offer innovative products to our customers as we enter the next phase of product development and growth. With this funding round, we are excited to welcome our new investor, Omidyar Network India onboard and humbled to have the confidence and trust of our existing investors Nexus and Stellaris in our business.”

Treasa Mathew, Director, Omidyar Network India said, "Increasing access to affordable and convenient financial products beyond digital payments and ensuring deeper and more consistent usage of formal credit is the critical next step in advancing the financial inclusion journey of India’s Next Half Billion. We are thrilled to lead this investment in Kiwi, a pioneering fintech company with a clear vision for the future of transactional credit in India. We believe in the transformative power of Kiwi's solutions and are excited to back the team as they continue to innovate and expand their footprint. We look forward to a successful partnership and supporting the continued growth of Kiwi in the dynamic Indian fintech landscape."

Kiwi, one of India’s leading FinTech companies that is transforming the credit card landscape in India. As an NPCI certified entity, Kiwi is the first app in India to offer customers the opportunity to experience "Credit on UPI" through its partnership with banks to issue RuPay Credit Cards. The company aims to disrupt the credit card industry by becoming the leading issuer of RuPay Credit Cards by 2026.

Kiwi had previously raised $6 million in from Nexus Venture Partners, Stellaris Venture Partners, and a host of angel investors.

Omidyar Network India invests in bold entrepreneurs who help create a meaningful life for every Indian, especially the hundreds of millions of Indians in low-income and lower-middle-income populations, ranging from the poorest among us to the existing middle class. To drive empowerment and impact at scale, we work with entrepreneurs in the private, non-profit and public sectors, who are tackling India’s hardest and most chronic problems. We invest in the areas of Advancing Cities, Digital Society, Education and Employability, Emerging Tech, Financial Inclusion & Well Being and Property Inclusivity. We are also focused on several emerging areas of investment such as Open Digital Ecosystems, Sustainable Living, The Equal Opportunities Lab, India Innovation Insights Hub. Omidyar Network India is part of the Omidyar Group, a diverse collection of companies, organisations and initiatives, supported by philanthropists Pam and Pierre Omidyar, founder of eBay.

Kiwi Raises $6 Mn in Pre-seed Funding, Disrupts Indian Credit Card Industry With Innovative 'Credit on UPI' Offering

Kiwi co-founders (L-R) Siddharth Mehta, Mohit Bedi and Anup Agrawal

Kiwi has raised $6 million in pre-seed funding led by Nexus Venture Partners, Stellaris Venture Partners

Certified by NPCI, Kiwi will partner with leading banks for issuing instant digital Rupay credit cards

Kiwi, a revolutionary credit card platform, has announced the launch of its all-in-one "Credit on UPI," solution for customers. Certified by the NPCI, Kiwi is the first app in India that will help customers experience “Credit on UPI” by issuing Rupay Cards in partnership with banks. With this launch, Kiwi aims to create one of the largest direct-to-consumer (D2C) models in the credit market through its cutting-edge mobile application, which offers users the ability to make payments using either a credit card or bank account directly through their phones in a secure manner.

The company has raised $6 million in pre-seed funding from marquee investors - Nexus Venture Partners, Stellaris Venture Partners, and a host of angel investors. Kiwi has been co-founded by senior fintech experts and banking industry veterans, Siddharth Mehta (ex-CEO, Freecharge), Mohit Bedi (ex-Axis Bank & PayU), and Anup Agrawal (ex-business head, LazyPay).

Speaking about the launch, Siddharth Mehta, co-founder, Kiwi, said, “UPI has become the most inclusive mode of payment in India, with over 30 crore unique users and 5 crore merchants onboarded on the platform. With the launch of Kiwi app, for the first time in India, users can now leverage the power of a (RuPay) credit card with the convenience and ease of UPI. Our vision is to enable access to credit on UPI for 1 million users over the next 18 months.”

RBI recently approved the linking of RuPay Credit Cards to the Unified Payments Interface (UPI), which will provide a seamless, digitally enabled credit card lifecycle experience for the users. Kiwi users will be issued a RuPay credit card, digitally and instantly. Post receiving the card, users will be able to link the card to UPI on the Kiwi app and will be able to use the “Credit on UPI” transactions facility at offline as well as online stores. The Kiwi app will also help users manage their cards with a host of facilities like blocking cards, increasing limits, and making card payments while rewarding them for every transaction. Starting today, users will be able to join the waitlist by signing up on the website. The Kiwi app (available on Android and iOS) is expected to go live by mid-May.

Praveena Rai, COO, NPCI said, “In our step towards attaining the goal of ‘Digital Payments for All’, Kiwi will be a game-changer in the Indian credit card industry. With the monthly expenditure on UPI P2M transactions amounting to approximately Rs. 3.2 lakh crore, which is almost 2.5x larger than the monthly credit card spends, Kiwi is set to capitalize on a significant untapped market. Moreover, the number of unique UPI users are more than 100 times the number of existing card users in India, and the acceptance points for 'Credit on UPI' are anticipated to be five times larger than regular credit card acceptance points. Looking at the whitespace that Kiwi is addressing, we’re confident that their model will support plenty of Indian credit card users on a daily basis.”

Anup Gupta, Managing Director, Nexus Venture Partners said, “Kiwi will offer consumers the best of credit cards and UPI i.e. convenience, rewards and flexible repayment experience of credit cards along with unmatched acceptance rail of UPI which is ubiquitous across India. We are excited to partner with Team Kiwi in their mission to accelerate credit card adoption in India.”

Ritesh Banglani, Stellaris Venture Partners said, “UPI is the world's second-largest payment network, and is truly world class both in scale and robustness. By enabling credit card usage over UPI, Kiwi will further deepen the consumer value provided by the network. We are thrilled to partner with Kiwi in their quest to revolutionise the Indian credit card market.”

About Kiwi:

GoKiwi, a recently launched fintech startup, is revolutionizing the credit card landscape in India by harnessing the power of "Credit on UPI", a recently introduced feature by NPCI. As a certified entity, GoKiwi is the first app in India to offer customers the opportunity to experience "Credit on UPI" through its partnership with banks to issue RuPay Cards. The company aims to disrupt the credit card industry by becoming the leading issuer of RuPay Credit Cards by 2026.

GoKiwi's unique selling proposition is its complete end-to-end lifecycle management of the credit product inside the app. GoKiwi plans to on-board 1 million customers in the first 18 months. Kiwi has raised $6 million in a pre-seed round from Nexus Venture Partners, Stellaris Venture Partners, and a host of angel investors. The company is headquartered in Mumbai, with offices across Delhi and Bengaluru. The company has a total staff strength of 20.