Kissht: Enabling Instant Digital Loans to Low Income Groups

Krishnan Vishwanathan

The cardless credit product is the next wave of lending likely to drive the adoption and democratization of fintech in India. Leveraging this, Mumbai-based consumer-focused digital lending platform Kissht serves low-income groups, who do not have access to credit, or who are new to credit. It offers a low cost loan (5,000 to 20,000 Rs for a period of at least 12 months) disbursed in less than five minutes.

Kissht has championed the “buy now, pay later” concept in India since 2016 through its partnership with Caratlane, Flipkart and the TripMoney product for MakeMyTrip. With strong financial expertise and a solid technological background, co-founders Krishnan Vishwanathan and Ranvir Singh have created a solution for the low-income segment that eliminates traditional underwriting methods, a heavy manual methodology designed for large loans. cut.

When granting a loan to a customer, it charges an interest rate that covers the cost of capital, operating expenses, and risk costs associated with expected losses. Interest rates are 14-24% per annum, with a 2-5% processing fee. When subscribing to a customer, Kissht relies on five data sources: customer’s office, digital fingerprint, online bank statement for the last three months, utility bill payment data, and social media profile.

Speaking of current figures despite the pandemic, Vishwanathan, co-founder and CEO, said: “This year in March, Kissht disbursed 300 crore rupees in loans, which was the same as in March of last year. We have crossed 10 million registered users in the past year and today we have a registered user base of 16 million and nearly 3 million unique borrowers. We aim to reach the 100 million mark by 2025. Our plan is to create a broader mix of credit products, for the underserved customer segment, including life insurance and health and personal loans. two wheels.

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