Mumbai-based fintech startup Kissht raises $10m in latest funding round.
Following a seed funding round of about $1 million, the startup raised $2 million from Endiya and Ventureast in June this year.
According to ET, the fin-tech startup will use the funds to fortify its data science capabilities, develop its engineering and analytics teams as well as expand its presence in India.
The round is another in a recent flurry of investments in the Indian fin-tech space.
A VCCircle analysis in May revealed that since the beginning of the year, at least 25 fin-tech startups raised venture funding.
The inflow of capital has been disbursed widely across the fin-tech space – startups in the payment gateway, online lending firms and digital wallets sectors have all secured funding.
In June a number of fin-tech startups secured funds – personal finance startup Fincash.com, mobile credit services startup MoneyTap, online peer-to-peer lending platform LoanMeet, and mobile payments startup Ftcash.
Then in July, financial services startup Upwardly secured seed funding from a clutch of banking investors.
In August, digital lending platform Capital Float raised $45 million in a Series C round of funding. That round was led by Silicon Valley-based fintech-focussed venture capital firm Ribbit Capital and was joined by existing investors Creation Investments, Sequoia India and SAIF Partners.
In October, Gurgaon-based fintech startup Chqbook raised funding from YouWeCan Ventures-backed Startup Buddy along with several individual investors.
Founded in 2015 by Krishnan Vishwanathan, Kissht is run by parent company OnEMi Technology Solutions Pvt. Ltd.
Kissht provides collateral-free loans to consumers to facilitate purchases such as such as furniture, laptops, jewellery, and electronic gadgets.
Kissht customers repay their loans through EMIs (Equated Monthly Instalments) using the Kissht EMI card, which also facilitates hassle-free online shopping. The startup currently lends through a captive non-banking financial company (NBFC).