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Nov 09, 2017 05:25 PM IST | Source: Moneycontrol.com

Mumbai based Lending platform Kissht raises $10 mn led by Fosun

The company had previously raised USD 3 million in a Series A round from Ventureast and Endiya Partners in 2016.

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Mumbai- based digital lending platform Kissht has raised USD 10 million in a funding round led by Fosun RZ Capital, the Venture Capital arm of Fosun International with participation from Beijing based Prophet Capital.

Existing investors Ventureast and Endiya Partners also participated in the round.

The company had previously raised USD 3 million in a Series A round from Ventureast and Endiya Partners in 2016.

Kissht is a credit-led payment solutions company that provides consumers seamless and easy-to-access credit for purchases across online and offline channels.

“Consumer credit in India is still largely untapped. Digital India is changing that rapidly, helping Kissht address this market in a prudent and cost-effective manner. Kissht’s unique model has helped keep customer acquisition cost one-fifth of the market. Sustaining this as we scale up will be the priority for us,” said Krishnan Viswanathan and Ranvir Singh, co-founders of Kissht.

KA Srinivasan, Partner, Ventureast said, “Technology not only brings non-linearity to the business growth but also enables unbiased credit appraisal and an independent view of lending metrics.”

He added, “Kissht is in the right place at the right time and is well-poised to redefine consumer lending practices with its AI-based tech engine.”

“Alternative Lending is a very large, under-penetrated market opportunity in India. Kissht is well positioned to disrupt Consumer loan cycle experience and assumes leadership position because of its unique technology in the areas credit decision making, fraud detection and approval to disbursement automation,” said Sateesh Andra, MD, Endiya Partners.

The company will use the funding to expand its reach among more offline and online merchants, enhance its data science capabilities and venture into additional categories.
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