The round also saw participation from existing investors Fosun RZ Capital, Ventureast and Endiya Partners, it said in a statement. Mint was the first to report the development on Wednesday.
Founded in 2015 by Krishnan Vishwanathan and Ranvir Singh, Kissht provides purchase financing and personal loans to its customers through a financial technology platform which is integrated with online and offline merchants. It plans to use the funds to expand its geographical presence, increase its base of both offline and online merchants, product development, and to enhance data and analytics capabilities.
The startup had raised $10 million in a funding round led by Fosun RZ Capital, with participation from Prophet Capital, Beijing and existing investors Ventureast and Endiya Partners in November last year. In June last year, it secured $2 million from Endiya and Ventureast.
Currently, Kissht claims to be present in over 50 online and 3,500 offline points of sale across categories including consumer durables, electronics, health, alternative energy and education; enabling customers to easily access credit for their purchases.
Vertex Ventures is the venture capital arm of Singapore’s state investment firm Temasek. The firm invests in early-stage technology companies across enterprise technology, financial technology and consumer internet. The firm raised $210 million in funds for its investments in Southeast Asia and India in October last year.
Kissht competes with the likes of Capital Float, Aye Finance, and Lendingkart. In April, Sequoia-backed Capital Float raised a debt investment of Rs48 crore (around $7 million) from Triodos Investment Management. The same month, it raised $22 million in equity funding from Amazon Inc., taking the total equity funding to $107 million.
In August, Lendingkart Finance, the SME lending platform of Lendingkart Technologies, announced that it has raised Rs 300 crore (about $44 million) in non-convertible debentures (NCDs) from Aditya Birla Sun Life AMC along with another entity.