Mumbai-based financial services startup, Kissht, has raised a new round of funding worth $30 million for its online credit service.

The startup provides an online platform for customers to pay for products purchased online, over time, without a credit card. The round brings the company’s total investments received to $43 million.

“Our data-centric algorithms and technology platform allows us to underwrite the new-to-credit and excluded segments extensively, while ensuring we are risk prudent,” Co-Founder and CEO of Kissht, Krishnan Vishwanathan said, as reported by Livemint. “We will use the funding to further accelerate growth.”

Aspects of the funds raised in the Series C round will be put toward forming more partnerships with stores and to further improve the technology and further build their back-end, among other areas.

The startup assists customers who are making purchases in a wide variety of sectors including technology and electronics, healthcare and education.

Investors in the round include Vertex Ventures, Sistema Asia Fund, Fosun RZ Capital, Ventureast and Endiya Partners.

“We see brand new markets opening up in consumer financing in India and believe that technology will play a fundamental role in addressing this opportunity,” Vertex Ventures Executive Director, Piyush Kharbanda said.

The startup provides a service via which users can receive approval immediately and has a system of monthly payments. Amazon, Flipkart and Uber are among the company’s partnerships.

(Picture courtesy: https://kissht.com/)