Instant Credit Provider Kissht Secures INR 100 Crore from Northern Arc & Others
Kissht, an immediate line of credit platform for the lower mass market and small/micro-businesses, has secured INR 100 crore in a new round of funding headed by Trifecta Capital and Northern Arc.
The business has raised more than 270 crore in equity and more than 1,200 crore in debt so far. Trifecta and Northern Arc have each subscribed to 50 crore in non-convertible debentures (NCDs) in the current round.
The funds will be used to extend the startup's footprint across India and expand its product offerings, which will include credit cards for small business/shop owners.
The funds will also be used to grow the company's scale of operations, increase product offerings, such as credit cards for small businesses and shops, and strengthen underwriting skills to extend credit to the new to credit (NTC) sector utilising AI and machine learning.
Krishnan Vishwanathan, co-founder of Kissht, commented on the funding, “our aim at Kissht is to bring instant, hassle-free credit on the back of our self- learning, strong underwriting and collection capabilities paving the way for lower income and small-business owner segment. This funding will further aid our goal of removing financial constraints, expanding our footprint across tier-II centers in India.”
Kissht has onboarded over three million unique borrowers and financed close to five million transactions on a yearly basis with its own risk and underwriting techniques and offer based on quick, hassle-free loan for business and consumption.
In FY23, Kissht wants to grow its company to 10 million individual borrowers and a total transaction-linked credit volume of INR 10,000 crore (3 times higher than FY22).
Trifecta Capital's managing partner Rahul Khanna said, “Kissht is catering to a large and untapped opportunity in India today, and has demonstrated leadership in this segment through focused customer acquisition, underwriting prowess, control on credit costs and innovative collection processes".
Kissht was formed in 2015 by IIT graduates and former McKinsey consultants who previously worked in the financial services industry.
The business has raised more than 270 crore in equity and more than 1,200 crore in debt so far. Trifecta and Northern Arc have each subscribed to 50 crore in non-convertible debentures (NCDs) in the current round.
The funds will be used to extend the startup's footprint across India and expand its product offerings, which will include credit cards for small business/shop owners.
The funds will also be used to grow the company's scale of operations, increase product offerings, such as credit cards for small businesses and shops, and strengthen underwriting skills to extend credit to the new to credit (NTC) sector utilising AI and machine learning.
Krishnan Vishwanathan, co-founder of Kissht, commented on the funding, “our aim at Kissht is to bring instant, hassle-free credit on the back of our self- learning, strong underwriting and collection capabilities paving the way for lower income and small-business owner segment. This funding will further aid our goal of removing financial constraints, expanding our footprint across tier-II centers in India.”
Kissht has onboarded over three million unique borrowers and financed close to five million transactions on a yearly basis with its own risk and underwriting techniques and offer based on quick, hassle-free loan for business and consumption.
In FY23, Kissht wants to grow its company to 10 million individual borrowers and a total transaction-linked credit volume of INR 10,000 crore (3 times higher than FY22).
Trifecta Capital's managing partner Rahul Khanna said, “Kissht is catering to a large and untapped opportunity in India today, and has demonstrated leadership in this segment through focused customer acquisition, underwriting prowess, control on credit costs and innovative collection processes".
Kissht was formed in 2015 by IIT graduates and former McKinsey consultants who previously worked in the financial services industry.
