Mumbai based Fintech startup, Kissht has raised $2 million from early stage investors Endiya Partners and Ventureast. This deal takes Kissht to $2.7 million in terms of total funding. As per the Economic Times report, the company is also scouting for series B funding soon.
Krishnan Vishwanathan, CEO, Kissht said,“Going forward, we will be a data and analytics company enabling consumers to get loans from banks and NBFC working with us as lending partners.“
Kissht was founded in the year 2015 and it avails collaterial-free loans to consumers to facilitate purchases such as mobiles, laptops, jewellery and electronics. The company currently lends through its captive NBFC using it as a proof-of concept vehicle to innovate on consumer loan disbursements.
Finding a huge opportunity in the space of consumer lending, Sateesh Andra, MD, Endia Partners said,” We have a large population, decent number of smartphones and bank accounts.However, while we have about 600 million debit cards, credit cards are only about 30 million in India, which is a huge gap underlining the opportunity for consumer lending companies.”
How it works?
Kishht leverages partner platforms for promotions; it places a banner either on the product or the checkout page. When the customer applies for a loan, his/her KYC validation is done on the app by linking his Aadhaar number. Following which an OTP is sent to the customer on his mobile and the loan is closed
Kishht, like many fin-tech companies, is going after at least 200 million urban Indians looking for a loan to buy electronics, jewellery and household items. The company competes with Quicklo, Faircent among several others.