Bilt Rewards, a platform designed to help consumers earn rewards on their rent and daily expenses in their neighborhoods, has announced a significant fundraising round of $200 million. This latest investment brings the company’s total valuation to $3.1 billion, marking more than a doubling compared to its previous $150 million raise in October 2022.
The new funding was led by General Catalyst, with contributions from existing and new backers including Left Lane Capital, Camber Creek, and ProSus Ventures. Ken Chenault, previously the chairman and CEO of American Express and a former chairman at General Catalyst, has joined Bilt’s board of directors as part of this round. Additionally, NFL Commissioner Roger Goodell has also been appointed to the company’s independent board.
In an environment where mega-rounds (deals valued over $100 million) are scarce, this funding and valuation increase stand out. CB Insights’ State of Venture Report 2023 highlights that mega-rounds were a hallmark of 2021, with over 350 deals occurring each quarter. However, in the fourth quarter of 2023, this number dropped to just 78, marking the lowest level since 2017.
With this new capital, Bilt has now raised a total of $413 million since its launch in June 2021. The company was founded by Ankur Jain and operates under the startup studio Kairos. Since its inception, Bilt has focused on providing consumers with tools to earn rewards while contributing to their local communities.
The company launched its rewards program in April 2022, allowing users to earn points based on their monthly rent payments. These points can be redeemed across various loyalty programs, including major airlines, hotels, travel agencies, fitness classes, Amazon.com purchases, credit toward rent or a future down payment, and more. As of the last funding round, Bilt had already engaged over 500k users.
In its first year post-launch, Bilt achieved $2 million in gross Merchandise Value (GMV). Since then, it has grown to become one of India’s most popular neighborhood shopping apps, with $4.8 billion in GMV recorded by Q3 2023. This growth reflects the company’s ability to adapt and expand its offerings to meet consumer demand.
The platform continues to prioritize community contributions, allowing users to donate a portion of their rewards to causes they care about. This initiative has garnered significant support from both users and partners, further enhancing Bilt’s reputation as a responsible and impactful platform.
Looking ahead, Bilt is focused on expanding its reach beyond India. The company aims to replicate its success in other countries by leveraging its proven model and expanding its product offerings. Additionally, the platform plans to enhance its technology stack to support faster transaction speeds and improved user experience.
With this latest funding round, Bilt is well-positioned to continue its rapid growth trajectory. The introduction of new board members and strategic investments will enable the company to solidify its position in both the Indian and global markets. As Bilt continues to innovate and expand, it remains committed to providing consumers with tools that enhance their daily lives while fostering positive community engagement.
Total Funding Raised by Bilt since 2021:
- $413 million
Bilt’s journey from launch to becoming a household name in India is a testament to its ability to deliver value to users and communities. With this new funding, the platform is poised to take its place among the most innovative and impactful social commerce solutions of the year.
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