The company will utilise the funds to expand its scale of operations, 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, an instant line of credit platform catering to the lower mass market and small/micro business segment, has brought ₹100 crore up in its most recent speculation round drove by Trifecta Capital and Northern Arc. The organization has up until this point raised over Rs 270 crore in value and north of 1,200 crore in the debt investments. In the current round, Trifecta and Nothern Arc have each subscribed into Rs 50 crore of non convertible debentures. Kissht plans to grow its business to 10 million extraordinary borrowers and total transaction-liked credit volume to Rs 10,000 crore in FY2023 (3x higher than FY2022).
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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.”
Kissht is projecting an overall revenue of over Rs 500 crores and a PBT of over 50 crore for FY2022, said the company in a statement.
“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,” said Rahul Khanna, managing partner, Trifecta Capital.
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