Mumbai based Fintech startup, Kissht has raised $10 million led by China’s Fosun International along with the participation from existing investors, Ventureast and Endiya Partners.
Kissht will use the recently acquired funds for improving is data science capabilities as well as building its engineering and analytics. It is also hoping to grow its presence all over the country by extending its reach into India’s top 15-20 cities and its tierII and III towns and cities like Amravati, Vijaywada and Satara, among others.
Kissht, founded in 2015 by Krishnan Vishwanathan, is a fintech firm that avails collateral-free loans to consumers on various purchases including mobiles, laptops, jewellery, and electronics. The company currently lends to customers via its Non-Banking Financial Company (NBFC) which they can repay via equated monthly installments (EMIs), using the Kissht EMI card. Whenever any customer applies for a loan, his/her data validation is done on the app by linking his Adhaar Card details. After this, an OTP is sent to the customer post which a loan is granted.
Kissht has partnered with a number of online and offline merchants such as Caratlane, Dell Computers and alternative energy companies and hospitals and clinics to offer instant credit solutions to customers. The company also influences partner platforms for promotions by placing a banner either on the product or on the checkout page. In June this year, Kissht raised $2 million from Endiya Partners and Ventureast.
Fintech space in India which predominantly comprises of digital wallets, online lending firms, and payment gateway startups. is one of the hottest domains among all. Since the beginning of this year, around 25 fin-tech startups have secured venture funding. Kissht competes directly with Quicklo, Faircent among several others startups.
Fosun International has been an active investor in the country. In October this year, Shanghai Fosun Pharmaceutical Group acquired 74% stake in Hyderabad-based drug-maker Gland Pharma. In May, the firm invested $30 million in Delhi headquartered logistics startup delivery Pvt. Ltd. In July. Fosun, along with Chinese e-tailer Alibaba, Singapore’s sovereign wealth fund Temasek, and online marketplace Paytm Mall, is looking forward to invest in Bengaluru-based online grocer Big Basket.
