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Grapevine: Multiples may lead Kissht funding; govt to invite bids for Air India soon
Photo Credit: VCCircle

Multiples Alternate Asset Management Pvt. Ltd is in talks to lead a $60 million (about Rs 427 crore at current exchange rate) round of funding in digital lender Kissht, owned by OnEMI Technology Solutions Pvt. Ltd, at a post-money valuation of up to $220 million, three people aware of the matter told Mint.

Kissht’s existing investors—Singapore’s Vertex Ventures, Russia’s Sistema Asia Fund, Fosun RZ Capital, Ventureast and Endiya Partners—are expected to invest up to $12 million in the round, the persons said.

Last year the company received Rs 151 crore in its Series C round led by Vertex Ventures and Sistema at a post-money valuation of Rs 493 crore.

In January 2018, it completed its Series B round worth Rs 67 crore led by China’s Fosun RZ Capital.

Separately, a finance ministry official told Mint that the government will soon invite bids to sell its 100% stake in Air India, after its initial attempt to divest a partial stake in the national carrier failed to win over potential buyers.

Debt-laden Air India, on a Rs 30,000 crore government bailout, has given up market share to private airlines including IndiGo and SpiceJet.

The first attempt at selling a partial stake in March 2018 failed as investors baulked at the idea of the government retaining a 24% stake and the need to stay invested for at least three years. Also, Air India’s debt of more than Rs 33,000 crore that was to come with the sale spooked investors.

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