Kissht also introduced an AI-powered legal check and verification process, ensuring swift and seamless approvals with a turnaround time as fast as 24 hours.
Kissht, which offers credit to salaried and self-employed individuals, saw a 3.4X jump in FY24 consolidated net profit at Rs 202 crore on a total income of Rs 1,700 crore. Its disbursements surged 54%
"We have given a list of apps which work with NBFCs (non-banking finance companies) to the government. On that basis, the government has taken this step," Governor Shaktikanta Das told reporters in Mumbai.
The government has blocked 232 apps operated by overseas entities, including Chinese, for being involved in betting, gambling and unauthorised loan service.
Along with online lending platforms like Kissht and PayU-backed LazyPay, Meity's ban list includes Kreditbee, Ola Avail Finance, and a few home loan and B2B lending apps.
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 company had previously raised USD 3 million in a Series A round from Ventureast and Endiya Partners in 2016.