Kissht is a Bengaluru – based fintech startup which is run by OnEMI Technology Solutions Pvt. Ltd. The startup announced yesterday (22/06/2017) that it has raised a US $2 million fund (Rs. 13 crores) in Series A round of funding from its existing investors such as Endiya Partners and Ventureast both of which are VC firms. The startup has so far raised US $2.7 million funds since its inception in September 2015. The startup also stated yesterday (22/06/2017) that it is in talks with its existing investors as well as new ones to raise Series B round of funding. Read more on Fintech Startups
Kissht was founded in September 2015 by Krishnan Vishwanathan. Kissht provides collateral-free loans for products such as mobiles, laptops, jewelry, furniture and electronic gadgets. Customers can repay the loan through Equated Monthly Installments (EMIs) by means of the Kissht EMI card. The startup presently lends through captive non-banking financial companies (NBFC).
“Going forward, we will be a data and analytics company enabling consumers to get loans from banks and NBFCs working with us as lending partners”, Vishwanathan said.
Sateesh Andra, MD at Endiya Partners, said that the number of credit card users in India was a meager 30 million users. This according to him was a huge opportunity for consumer – lending companies.
The fintech startups in India have been booming recently. Quite a few fintech startups in India have got funded during the last six months. They include the fintech startup, CoinTribe which raised Rs. 19 crores in Series A round of funding from a couple of angel investors namely: Puneet Dalmia and Bharat Dalmiya during June, this year (2017). The fintech startup MoneyTap raised US $12.3 million in Series A round of funding from the VC firm, Sequoia during June, this year (2017). The fintech startup EarlySalary raised US $4 million in Series A round of funding from its existing investors like IDG Ventures India Advisors and Dewan Housing Finance Corp. Ltd (DHFL) during May, this year (2017). The fintech startup, Capital Float raised US $2.3 million (Rs. 15 crores) in Series A round of funding from the VC firm, Mahindra and Mahindra Financial Services during April, this year (2017) just to name a few. Read more on Startup News
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