Fintech startup Kissht has raised $30 Mn in its Series C financing led by Vertex Ventures Southeast Asia (SEA) and India and Sistema Asia Fund. The round also saw participation from existing investors Fosun RZ Capital, Ventureast, and Endiya Partners.
Mumbai-headquartered, Kissht plans to deploy raised capital to increase its merchants base both offline and online, deepen its presence across categories, and further enhance its data and analytics capabilities.
Started in 2015 by former McKinsey consultants Krishnan Vishwanathan and Ranvir Singh, Kissht provides collateral-free purchase financing and personal loans to its customers through its fintech technology platform which is integrated with online and offline merchants. Customers can repay through equated monthly installments (EMIs), using the Kissht EMI card.
The company claims to have developed a proprietary self-learning algorithm which assesses a customer’s credit profile in a fraction of a second, based on more than 2,000 digital footprints.
Krishnan Vishwanathan, CEO and co-founder of Kissht, said, “At Kissht, we are continuously striving for innovative affordability solutions that do justice to the growing and aspirational middle-class of India. Our data-centric algorithms and technology platform allows us to underwrite the new to credit and excluded segments extensively while ensuring we are risk prudent. We will use the funding to further accelerate growth.”
Kissht reaches customers via 50 portals and 3,500 offline points of sale. It provides loans across categories such as consumer durables, electronics, health, alternative energy and education.
Piyush Kharbanda, Executive Director at Vertex Ventures, said “We see brand new markets opening up in consumer financing in India, and believe that technology will play a fundamental role in addressing this opportunity. However, we feel that it is equally important for lenders to stick to well-understood fundamentals of financial services, such as a strong focus on managing collections, etc.”
Prior to this round, Kissht has raised Mn in its previous funding round led by Chinese investment conglomerate, Fosun International. It also secured Mn earlier in 2017 from Hyderabad-based, early-stage venture capital firm Endiya Partners and Ventureast.
In fintech space, Kissht competes with the likes of Lendingkart, Capital Float, Innoviti, Biz2credit and FlexiLoans, among others.