Fin-tech company Kissht Wednesday said it has raised $30 million (over Rs 218 crore) in funding led by Vertex Ventures SEA and India and Sistema Asia Fund. The series C round also saw participation from existing investors, Fosun RZ Capital, Ventureast and Endiya Partners. The company has raised about $44 million till now.
Founded in 2015 by Krishnan Vishwanathan and Ranvir Singh, Kissht provides purchase financing and personal loans to customers through a financial technology platform that is integrated with online and offline merchants.
The new funds will be used to increase the base of offline and online merchant partners, deepen presence across categories, and further enhance data and analytics capabilities, Kissht co-founder and CEO Krishnan Vishwanathan said.
He added that Kissht has partnered over 50 online merchants and is available at more than 3,500 offline points of sale across categories like consumer durables, electronics, health, and education, allowing customers to access credit for their purchases.
"Our data-centric algorithms and technology platform allows us to underwrite the new to credit and excluded segments extensively, while ensuring we are risk prudent," Vishwanathan said.
The company is currently disbursing about Rs 50 crore in loans every month and has over one million customers. "We expect this to be increased to an annual run rate of about Rs 1,500 crore or Rs about 120-130 crore a month," he said.
Kissht will also focus on deepening its presence in the over 30 cities where it operates. "In the next five years, the intent is to be present in 100-150 cities," he said.
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