Kissht, an online credit financing platform operated by Onemi Technology Solutions, has raised $30 million in Series C funding led by Vertex Ventures — the venture capital arm of Singapore state investor Temasek Holdings— as well as Sistema Asia Fund. Existing investors Fosun RZ Capital, VenturEast and Endiya Partners also took part in the round, according to a release issued by Investec India, the financial advisor to Kissht for the funding round. Investec India had also advised Kissht on its Series B led by Fosun in November 2017.
Kissht will use this funding to penetrate its business further into both offline and online merchants, and deeper across categories and further enhance its data and analytics capabilities. Vinit Barve of Investec Capital Services (India) said technology led lending has opened up a huge credit opportunity in India. “This investment, led by Vertex and Sistema with participation from existing investors, will enable the company to achieve the next level of growth and cement its leadership position in the consumer financing segment,” he stated in the release.
Kissht had reportedly raised $10 million in November 2017 in a funding round led by Fosun International. Other investors like VentureEast and Endiya Partners had also took part in that funding round. The firm was founded in 2015 by Krishnan Vishwanathan and Ranvir Singh. The platform provides product financing and personal loans to its customers through a financial technology platform which is integrated with online and offline merchants. Customers have to provide their personal and income details, upload the required documents following which the firm activates the Kissht EMI card, according to information provided on the company’s website. While shopping at merchant partner portal, one can choose Kissht at the checkout page or can use the firm’s app to shop directly from the online merchant. Once the down payment is made and the loan is approved by the firm, the merchant ships the product.
Kissht can also be used by merchants wherein they can offer credit card EMI options to all card customers and offer EMI without card to non-credit card customers. According to the release by Investec India, Kissht is present in over 50 online and over 2,000 offline points of sale across categories including consumer durables, electronics, health, alternative energy and education.