BackFormer NTT Data India CEO Dewang Neralla's HiWi raises pre-series round
HiWi initially wants to simplify remittances for students studying abroad
PremiumNew Delhi: HiWi, a cross-border remittance startup, has raised ₹7.25 crore in pre-seed funding round led by Unicorn India Ventures and the Unmaj Group Family Office.
The proceeds will be used for advancing product development and executing a strategic go-to-market rollout, the fintech said in a statement.
Former NTT Data India CEO Dewang Neralla along with Geeta Chauhan and Ujwal Tamminedi, professionals in the information technology and services sector, co-founded HiWi.
The cross-border payment landscape is plagued by issues such as opacity in exchange rates, exorbitant forex margins, and documentation challenges. HiWi aims to streamline these processes across various sectors, including study abroad, trade and finance for SMEs, and other segments.
HiWi initially wants to simplify remittances for students studying abroad. The platform serves as a centralized and integrated solution for both study abroad agents and students, offering a suite of financial services, which an app for students to transfer funds, open foreign bank accounts, access financing options, manage card expenditures, and accrue loyalty points.
“Foreign education is an ever-growing market. At Unicorn, we have studied this segment and made investments both in study abroad and fintech companies. HiWi is combining the power of tech and addressing a much-needed gap of facilitating cross border payments that are easier and convenient for both the parents and students," said Anil Joshi, managing partner, Unicorn India Ventures.
Dewang Neralla, founder of HiWi, added, "Although our initial focus is on education, we plan to expand our services to cater to SMEs, further streamlining and enhancing the remittance process."
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