Kissht raises USD 10 M for its fintech loan business
Founder: Krishnan Viswanathan
Founded in: 2015
Financing status: USD 10 million for undisclosed round in 2017
Fintech startup Kissht, based in Mumbai, has raised USD 10 million funding primarily from Fosun International, a Chinese investment consortium. Earlier investors also contributed to the fundraising round, which came just five months after Kissht received USD 2 million from Indian venture capital firms Endiya Partners and Ventureast.
The startup will reportedly use the Fosun International funds to improve its data science capacities by hiring additional engineers and analytics experts. Kissht also aims to enlarge its footprint and hopes to enter the fintech markets in about 20 Indian tier II and III cities. Amravati, Vijaywada, and Satara have been mentioned as target cities for expansion.
Kissht was founded in 2015 by Krishnan Viswanathan, a graduate of Indian Institute of Technology Delhi and the Yale School of Management. Before founding the startup, Vishwanathan worked as a consultant at Mckinsey, specializing in the Indian banking sector.
The startup provides consumers with instant collateral-free loans to purchase items both online and offline. Customers are able to purchase goods ranging from electronics to luxury clothing through the Kissht app. The company makes this possible by providing equated monthly installments (EMIs) to users who do not have credit cards.
Through the app, consumers can buy products from partners or directly from the Kissht store. Those who have outstanding loans can use the app to pay off their loans or access further credit. The startup also offers cash loans for education, travel, home improvement, and more.
Kissht is not without competitors, however, as the Indian fintech sector grew 31% year-on-year in 2017. There are now over 350 fintech companies operating in the country. Some of those that have recently expanded operations and secured funding are Olly Credit, HighRadius, and Datasigns Technologies Pvt. Ltd.
(Top photo from Kissht)