Kissht, which provides an instant line of credit for small business transactions and small ticket size personal loans to new to credit customers on the back of robust data analytics (Kissht score), will use this funding to deepen its presence across India and further expand its product offering including credit cards for the owners of small business/shops to become the leading institution of choice for its segment.
Mumbai : In its latest investment round, Kissht has raised Rs 100 crores in funding led by Trifecta Capital and Northern Arc. The company has so far raised over Rs 270 crores in equity and over 1,200 crores in debt investments. In the current round, Trifecta and Nothern Arc have each subscribed to Rs 50 crores of Non ConvertibleDebentures (NCD’s).
The company will utilize the funds to expand its scale of operations, further enhance its product offerings including credit cards for small business/shops and further improve underwriting capabilities to extend credit to New to Credit (NTC) segment using AI and machine learning even in smaller tier towns of India where instant credit is still a dream to many. Kissht plans to expand its business to 10mn unique borrowers and total transaction-liked credit volume to Rs 10,000 crores in FY’2023 (3x higher than FY’2022). Kissht is projecting an overall revenue of over Rs 500 crores and a PBT of over 50 crores for FY’2022.
Speaking of the funding, Krishnan Vishwanathan, Co-Founder, Kissht, said “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-2 centres in India.”
Added Rahul Khanna, Managing Partner, Trifecta Capital, “We at Trifecta are pleased to partner with Kissht in the next leg of its growth journey, as it establishes itself as the leading credit and payments platform for small and micro-business owners and the new-to-credit segment. 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”.