Payment credit application Kissht has reportedly netted a $10m investment led by China-based Fosun International.
Other contributions to the round came from previous investors in to Kissht, Ventureast and Endiya Partners, according to an article by the Economic Times which cites people briefed on the matter.
India-based Kissht is a mobile app that allows users to buy products from a participating merchants in pay-later schemes. The consumer is provided with a digital card which can then be used as a credit line to complete the transaction and allows the buyer to make payments over months. To get started a user just has to provide personal and income details.
Funding will be used to continue growing its presence across India, as well as boosting its data science capabilities, it said. The equity will also aid with hiring more staff got its engineering and analytics teams.
The new capital injection brings Kissht’s total funding to around $13m, with the company received $3m in its seed and series A rounds, it said.
Last week, Fosun Group made a $14.25m investment in Israel-based AI-powered portfolio management company BondIT, in exchange for a major stake.
Several FinTech investments have been completed in India over the past several months. Lendingkart secured a $24.9m debt and equity financing round, from a range of investors including IFMR Capital and Tata Capital. SME financing platform OfBusiness secured a $3.8m in the same week, while micro credit card solution Olly Credit raked in an undisclosed investment.
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