One-of-a-kind digital platform Kissht is run by ONEMi Technology Solutions Private Limited with the goal of offering quick and simple credit financing to its users all throughout India.
By offering quick and easy EMI at the Point of Sale, Kissht provides a hassle-free shopping experience for both online and offline purchases made at merchant stores.
Additionally, Kissht is providing a revolving line of credit up to Rs 30,000 and BNPL for users to use when making online purchases in order to suit their increasing needs. The co-founders claim that the user journey has been maintained simply with a strict emphasis on little input and lots of rewards. The user registers using a mobile number or social network credentials, completes a brief KYC form, and uploads a few supporting documents. The credit limit and eligible offers are determined by the exclusive UW logic and Kissht Digi-score. After selecting an offer, the customer receives immediate disbursement.
WHAT KISSHT WANTS TO ACHIEVE
The co-founders were aware of the difficulties these organizations had in providing services to lower-income groups because they had experience working for PSUs, private sector banks, sizable NBFCs, and McKinsey & Co. At the same time, they became aware of the enormous possibilities the market segment presented if data and technology could be used to their advantage. To provide purchase financing and personal loans to its consumers, the team first developed a financial technology platform that is interconnected with both online and brick-and-mortar retailers.
The goal of ONEMi Technology Solutions Pvt. Ltd., which was founded in 2015, was to use cutting-edge technology to open up new avenues for consumer credit financing for both online and offline purchases. Our ongoing efforts to give our consumers more financial freedom have allowed us to operate in a variety of market areas, including personal loans, online purchase loans, and our newest product, the “Revolving Line of Credit.”
In order to assist India’s lower-income and credit-inexperienced people, Krishnan Vishwanathan and Ranvir Singh founded the online lending platform Kissht in 2015.
EXPANSION AND FUNDING
According to Krishnan, “We have demonstrated five years of successful lending by using a 100 percent digital platform that is built to scale, by leveraging big data and machine learning algorithms to solve the problem of underwriting, and by developing a custom-built CRM platform that aims to engage and educate our customers on the tailored product offerings available to them.
Despite the current crisis, the company has expanded tremendously in recent years, earning Rs 200 crore in revenue in FY21. “Since launch, we have disbursed loans totaling more than Rs 6,000 crore, representing an increase of nearly 100% YoY. Since our inception, we have assisted over two million different clients. Our goals for FY22 are to serve an additional two million consumers, bring in revenues of 350 crore rupees, and make profits of at least 40 crore rupees, according to Krishnan.
To accommodate the various needs of customers, the team also developed a unique website and mobile application over time. A retail app that provides a walk-in-walk-out fast purchase loan for cellphones and consumer durables across 5,000+ hyperlocal retail locations is one of its services. A white-label web solution is made available to e-commerce stores that allow franchisees to offer personal loans to underserved user segments in Tier I and II cities. Additionally, the firm offers a digital EMI card with 0% finance on its e-commerce loans through its customer app. Additionally, it provides cross-selling for 24-month personal loans up to Rs 2 lakh.
Onemi Technologies (Kissht) specializes in client creditworthiness evaluation, credit gateway technology development, and merchant acquisition/partnerships. Onemi Technology provides immediate consumer loans through our financing partners using its unique software, algorithm, and credit marketplace platform. However, RBI-registered NBFCs associated with Kissht handle all aspects of credit assessment, KYC processing, credit approval, and financing of consumer loans for the purchase of goods and services through online and offline channels. Through authorized middlemen, Kissht and its NBFC partners handle the repayment and EMI collection process.