India payments player Kissht closes $80m Series E
Indian payments start-up Kissht has raised a USD 80m Series E round led by Temasek Holdings-owned Vertex Ventures and Brunei Investment Agency.
Endiya Partners, an early-stage investor, also participated via its second fund, which closed on USD 75m last year and reserves USD 4m to USD 5m per company for possible follow-ons. Endiya first backed the company as part of a USD 2m round in 2017.
Vertex previously invested as part of a USD 30m Series C in 2018. This was followed by a USD 13.4m Series D earlier this year from Northern Arc Capital and Trifecta Capital. Previous investors also include Fosun RZ Capital, Sistema Asia Fund, and VenturEast Fund.
Kissht provides instant consumer online credit services that can be integrated into any merchant point-of-sale. Personal loans of up to INR 30,000 (USD 384) for users satisfying several basic personal identification and banking requirements are also part of the offering.
The app has been downloaded more than 10m times and serves about 3.5m customers. It is currently networked with more than 3,000 offline merchants and over 500 online partners in about 40 cities across India. About INR 5.8bn in loans are disbursed a month.
Revenue and profit for financial 2022 came to INR 4.1bn and INR 550m, according to The Economic Times. The Series E capital will be used to issue a buy-now-pay-later card in association with RBL Bank and SBM Bank, with up to 10m cards planned to be issued in the next 18 months.
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