India-based consumer credit platform Kissht secured $30m in a series C round co-led by Sistema Asia Fund, an investment arm of conglomerate Sistema, YourStory reported yesterday.
The round was co-led by Singaporean state-owned venture capital firm Vertex Ventures and included Fosun RZ Capital, the corporate venturing arm of diversified conglomerate Fosun, and VC firms Ventureast and Endiya Partners.
Founded in 2015, Kissht provides consumer credit cards that allow people to shop at e-commerce businesses and brick-and-mortar retailers using personal loans. Consumers can also use a mobile app to shop directly with online merchants.
The money will help Kissht expand its network of retail partners, offer its buy now, pay later service in additional product categories and further develop its data and analytics capabilities.
Kissht received $10m in funding from Fosun, Ventureast and Endiya in November 2017, having previously raised $2.7m in capital, including $2m supplied by Endiya and Ventureast in June 2017.
Krishnan Vishwanathan, chief executive 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 allow 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.”