Mumbai-based fintech startup Kissht has raised $10 Mn (INR 67 Cr) funding in a round led by Chinese investment conglomerate, Fosun International. The startup’s existing investors also participated in the equity financing round, which closed last week.
In a bid to bolster its data science capabilities, the startup is looking to utilise the proceeds from the fundraise from Fosun International to hire new engineering and analytics teams. Furthermore, Kissht is keen on expanding its presence across 15 to 20 tier II and tier III cities in India such as Amravati, Vijaywada and Satara, among others.
The development comes less than five months after Kissht secured $2 Mn from Hyderabad-based early-stage venture capital firm Endiya Partners and Ventureast.
Sateesh Andra, MD of Endiya Partners stated at the time, “We have a large population, a decent number of smartphones, and bank accounts. However, while we have about 600 Mn debit cards, credit cards are only about 30 Mn in India, which is a huge gap underlining the opportunity for consumer lending companies.”
Kissht Promising Flexible EMIs Without Credit Cards
Founded in 2015, Kissht is a fintech startup that provides instant credit to consumers for making purchases at digital points of sale (both offline and online). Through its app, users can buy various items including mobiles, laptops, jewellery, and electronics by opting for flexible EMIs even without a credit card.
Once logged in on the app, users can see in-app merchant partners or choose to buy items from the Kissht store. Via the app, a user can upload documents and make the down payment and pay the processing fees.