Mumbai-based fintech startup Kissht has raised $10-million (about Rs 67 crore) led by Fosun International with participation from existing backers, early-stage venture capital firms, Ventureast and Endiya Partners.
Led by MD, Tej Kapoor, RZ Capital, a venture arm of the $30-billion diversified Chinese conglomerate is currently in the process of adding to the Shanghai-headquartered investor’s team in India.
The startup will use the proceeds towards growing its presence across the country, as well as strengthening its data science capabilities, and building its engineering and analytics.
Kissht was started in the year 2015 and it avails collateral-free loans to consumers to facilitate purchases such as mobiles, laptops, jewelry, and electronics. The company currently lends through its captive NBFC using it as a proof-of-concept vehicle to innovate on consumer loan disbursements.
Founded by Krishnan Vishwanathan, the fintech firm is now looking to enter its tierII and III towns and cities, such as Amravati, Vijayawada, and Satara, among others.
How Kissht 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, which raised $2 million from early-stage investors Endiya Partners and Ventureast in June, like many fin-tech companies, is going after at least 200 million urban Indians looking for a loan to buy electronics, jewelry, and household items. The company competes with Quicklo, Faircent among several others.
Of late, fintech startups like, Delhi-based Smart Payment card app Olly-Credit raised an undisclosed amount from Japan’s Incubate Fund followed by Bengaluru-based Cashfree, which got $120,000 in seed funding from US-based startup accelerator Y Combinator.