HiWi, the groundbreaking cross-border remittance platform, has announced a successful fundraising round, securing ₹7.25 crore. Leading the investment were well-known entities such as Unicorn India Ventures and the Unmaj Group Family Office.
The fintech firm plans to allocate this capital infusion towards refining its product and strategizing its market entry.
Dewang Neralla, once at the helm of NTT Data India as its CEO, teamed up with industry stalwarts Geeta Chauhan and Ujwal Tamminedi to bring HiWi to life. The startup was conceived to address the prevalent challenges in the cross-border payment sector, including unclear exchange rates, steep forex fees, and cumbersome documentation.
As its inaugural venture, HiWi is concentrating on making remittances seamless for students pursuing education abroad. The platform is designed to be a comprehensive hub for both students and their overseas education consultants, equipped with a plethora of financial tools. Among these features is an app tailored for students, enabling them to transfer money, activate foreign bank services, explore financing, oversee card expenses, and even earn loyalty benefits.
Anil Joshi, a key figure at Unicorn India Ventures, expressed his enthusiasm for the project, saying, “The global education sector is booming. At Unicorn, we’ve dedicated resources to study and invest in this segment. HiWi stands out by using technology to simplify and enhance cross-border transactions, benefiting both students and their guardians.”
Elaborating on HiWi’s future trajectory, founder Dewang Neralla stated, “Our present attention is on the educational domain, but we’re also gearing up to extend our services to the SME sector, aiming for an enriched remittance experience for all.”
