Digital lending platform on Thursday said it has raised Rs 100 crores in a funding round led by Trifecta Capital and Northern Arc. The company has so far secured 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-Convertible Debentures (NCDs).
With the fresh capital, the startup expects to scale operations, enhance product offerings which include and credit to the New to Credit (NTC) segment. Kissht says it will use artificial intelligence (AI) and machine learning to take its products to smaller cities and towns in India.
Kissht plans to expand its business to 10 million unique borrowers and total transaction-liked credit volume to Rs 10,000 crores in FY’2023 (3x higher than FY’2022). The startup 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, stated,
“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.”
“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 of credit costs and innovative collection processes,” added Rahul Khanna, Managing Partner, Trifecta Capital.
