Company has more than 40 million registered users and it works with 50,000 merchants. : Twid, a reward point-based payment solutions start-up, said on Wednesday it has raised $12 million in a funding round led by Rakuten Capital. The Series A round saw participation from Google, ICMG Partners, JAFCO Asia, January Capital, Reddy Futures Fund and existing investors BEENEXT and Sequoia India's Surge. Twid said it will use the funds for expanding its merchant network, product rollout, technology and hiring.