In yet another development, Sachin Bansal, co-founder of Flipkart, has, reportedly, invested ₹50 crore in Kissht, a Mumbai-based consumer lending startup. Bansal’s and Ankit Agarwal‘s investment firm BAC Acquisition is said to have invested this capital in the form of debt funding.
Earlier, Kissht had secured $30 million in a series C financing round led by Vertex Ventures Southeast Asia and many others.
Kissht was founded by Krishnan Vishwanathan and Ranvir Singh in 2015. The company provides purchase financing and personal loans to its customers through a financial technology platform which is integrated with online and offline merchants.
The startup claims to be present in more than 50 online and over 3,500 offline points of sale across categories, including consumer durables, electronics, health, alternative energy and education, and enables customers to easily access credit for their purchases.
Furthermore, Bansal had marked a huge exit from Flipkart, when the company was acquired by US retail giant Walmart for $16 billion in 2018.
Overall, digital lending has been pegged as one of the fastest growing segments in the India’s fintech space. A BCG report has predicted the digital lending industry to touch $1 Tn mark in the next five years.