Fosun International has led a $10-million (about Rs 67 crore) round of funding in Mumbai-based fintech startup Kissht, marking, in the process, the Chinese diversified conglomerate's fourth such venture investment in India.
The transaction, which closed last week, also saw participation from Kissht's existing backers, early-stage venture capital firms, Ventureast and Endiya Partners, according to two sources briefed on the matter.
Prior to the latest capital raising initiative, the two-year old company had raised about $3 million across its seed and Series-A equity financing rounds. ET was the first report the firm's last funding round in its edition dated June 22. Investec acted as the financial advisor to the transaction.
Kissht is expected to use the proceeds from the equity financing round to further grow its presence across the country, as well as a strengthen its data science capabilities, and building its engineering and analytics tep ams. In an earlier conversation with ET, e Kissht CEO Vishwanathan had said that the startup planned to expand from India's top 15-20 cities to go deeper into the country.
The company, which partners with both online and offline merchants to offer instant credit solutions to consumers at the point of sale is now looking to enter its tierII and III towns and cities, such as Amravati, Vijaywada and Satara, among others.