Fintech startup Kissht has raised $10 million in a fresh funding round from China’s Fosun International. The current funding round also saw participation from its existing investors Endiya Partners and early-stage investor Ventureast, The Economic Times reported, citing two unnamed people in the know.
The Mumbai-based startup will use the raised capital to further expand its presence in the country, as well as fortify its data science capabilities and build its engineering and analytics teams. Furthermore, Kissht is keen on expanding its presence across 15 to 20 tier II and tier III cities in India.
Kissht was founded in 2015 by Krishnan Vishwanathan. The fintech platform enables instant, seamless credit for consumers to make purchase products such as mobiles, laptops, jewellery, furniture and electronic gadgets at digital points of sale (online and offline).
Previously, the startup raised $2 million from early-stage technology-focused fund Endiya Partners and Ventureast in June this year.
How it works
Once logged in to the app, users can see in-app merchant partners or choose to buy items from the Kissht store. Via the app, a user can upload documents and make the down payment and pay the processing fees.
For customers with ongoing loans, Kissht provides an option to check the available line of credit. Also, users can make an early payment or view upcoming EMIs and invoices for the same. Additionally, Kissht provides cash loans that can be used for house renovation, holidays, purchase of consumer durables, education, short-term loan for equipment purchase, short-term working capital, etc.
Recently, the startup was in the news when it announces its partnership with Andhra Pradesh government and announced to set up an office Vizag fintech valley. As per a post put up by the state’s IT Minister Nara Lokesh, Kissht alone will create around 300 jobs including 50 data scientists.
If you would like to use the app then visit the downloadable link