[Funding alert] Fintech startup Kissht raises $80M, launches millennial-focused offering
Summary
Mumbai-based payments and lending fintech startup Kissht on Wednesday announced a Series E funding round of $80 million. Existing investors Vertex Ventures SEA and India, and Endiya Partners also participated.According to the sources aware of the development, the companys valuation is said to be around $480 million to $500 million.As per the official release, the latest funds will be used to enhance the product offering for millennials and add other relevant financial products. Further, the startup plans to build a strong loyalty offering in line with the evolving needs of the target segment. The focus will be on driving higher stickiness by offering rewards on the most relevant spend categories like grocery, travel, and lifestyle etc.With this round, the platform has raised a total of $125 million in funding.Along with the fundraise, Kissht also announced the launch of a millennial-focused digital card and payments app called Ring.Ring will target young and aspirational millennial users who have a credit card penetration of sub 2 percent. The brand is also building loyalty and rewards for the consumers to improve customers.The founders of Kissht have a unique understanding of the needs of the new to credit population of India.