Kissht, a Mumbai-based fin-tech startup has raised ₹67 crore in a new funding round, led by China-based Fosun International. The company’s existing investors have also participated in this new funding round.
The startup is likely to use the proceeds of this funding round to hire new engineering and analytics teams. It is also looking forward to expanse its presence in the country, starting with establishing its presence in around 15 to 20 Tier II and Tier III cities.
This is the second funding round raised by the company so far this year. Earlier this year, around five months ago, the startup had raised ₹12 crore funding from venture capital firm Endiya Partners and Ventureast.
Kissht was founded in 2015 and from then onwards they are providing collateral free loans to consumers to facilitate purchases such as mobiles, laptops, jewellery and electronics.
The company currently lends through its captive NBFC using it as a proof of concept vehicle to innovate on consumer loan disbursements, so that there will be no extra burden on the consumer.
A few months ago, Krishnan Vishwanathan, CEO of Kissht had mentioned that going forward, they would be shifting their focus towards creating a data and analytics company which would enable consumers to get loans from banks and NBFC.