Kissht raises $30mn Series C, Led by Vertex Ventures & Sistema Asia Fund
Mumbai, September 14, 2018: India’s leading Fintech Consumer lending platform, Kissht, has raised $30mn in its Series C financing round led by Vertex Ventures SEA and India and Sistema Asia Fund, with participation from existing investors, Fosun RZ Capital, Ventureast & Endiya Partners.
Founded in 2015 by Krishnan Vishwanathan and Ranvir Singh, Kissht provides purchase financing and personal loans to its customers through a financial technology platform which is integrated with online and offline merchants. Kissht has developed proprietary self-learning algorithm which assesses customer’s credit profile in a fraction of a second based on 2,000+ digital footprints. Kissht acts as a point of sale affordability platform for India’s growing middle class, and aligns well with the aspirations of all the ecommerce platforms looking to expand the buyer base.
Kissht has demonstrated remarkable growth with an impressive record on credit costs. All existing investors are participating in this round, including Series A investors Venture East and Endiya Partners, as well as Fosun, which had led the Series B round.
Currently Kissht is present in 50+ Online and 3,500+ Offline points of sale across categories including consumer durables, electronics, health, alternative energy & education, enabling customers to easily access credit for their purchases.
Kissht will use this funding to increase its base of both offline and online merchants, deepen its presence across categories, and further enhance its data and analytics capabilities as it seeks to cement its leadership position in the highly underpenetrated Indian consumer credit market.
Ranvir Singh, Co-Founder of Kissht, said: “Taking a loan remains a deeply undemocratic experience in India. Customers not only want a loan, but they want it in a jiffy. Unlike traditional players, on the back of risk algorithms, we have been neither timid nor tentative in leveraging data. We have just scratched the surface in purchase financing. We aspire to create the indelible experience of dignified lending, which will drive customer loyalty.”
Krishnan Vishwanathan, CEO and Co-Founder of Kissht, said: “At Kissht, we are continuously striving for innovative affordability solutions that do justice to the growing and aspirational middle-class of India. 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. We will use the funding to further accelerate growth.
Commenting on the transaction, Piyush Kharbanda, Executive Director at Vertex Ventures, said “we see brand new markets opening up in consumer financing in India, and believe that technology will play a fundamental role in addressing this opportunity. However, we feel that it is equally important for lenders to stick to well understood fundamentals of financials services, such as a strong focus on managing collections, etc. We see a unique blend of these in Kissht, and look forward to working with Ranvir and Krishnan as they continue to envision and build Kissht into a financial services powerhouse.”
Dhruv Kapoor, Managing Director at Sistema Asia Capital, said “India is a credit starved country with a ~$140BN annual credit gap that Kissht is addressing through its proprietary technology and innovative financial products. We are excited to partner with Krishnan and Ranvir in their journey.”