Small business credit platform Kissht, operated by OnEMI Technology Solutions Pvt. Ltd, has raised $80 million (around Rs 616 crore) in a round led by Vertex Growth and Brunei Investment Agency.
The round also saw participation from existing investors Vertex Ventures SEA and India and Endiya Partners.
As per two sources, Kissht is valued between $480-$500 million.
The company has forayed into credit-backed cards and the launch of a millennial-focused brand, Ring. The product aims to appeal to millennials.
The company states this segment has a penetration of sub-2% and the factors driving low penetration are lack of POS infrastructure in non-top tier merchants and the inability of banks to service these customers given higher costs of acquisition and inferior risk understanding.
The funds will be used to enhance product offering for millennials and add other relevant financial products. Further, the company plans to build a strong loyalty offering in-line with the evolving needs of the target segment. The company aims to issue 10 million cards over the next 12-18 months.
Ranvir Singh, founder and chief executive officer, Kissht said “The transaction usage of millennial consumers is constantly evolving. We are offering a one-stop credit and payment solution, which can be used ‘any and everywhere’. With these transactions, we want to create a bond with the customer to help them across other banking needs.”
In January, Kissht raised Rs 100 crore ($13.36 million) in a debt funding round from Trifecta Capital and Northern Arc Capital.
Notably, the company roped in Sachin Bansal as a debt investor in 2019. Bansal had reportedly made a Rs 50 crore investment in the company.
In 2018, the company had raised $30 million as a part of its Series C funding round from Vertex Ventures Southeast Asia & India and Sistema Asia Fund.