The history of digital lending in India, a market of $200-300 billion by recent estimates, can be broken down into two eras.

The pre-pandemic phase, when credit startups of almost every stripe swiftly added customers and assets under management before economic realities hit them. Then, there was the pandemic phase of more severe knocks: a pile-up of unpaid loans, greater regulatory scrutiny and faltering business.

The long stretches of difficulties have prompted several fintech lenders to dial down their aggressive approach, mainly how they build a base of borrowers and pick segments to compete in. Mumbai-based Kissht is one such player that has reworked its model and lived to fight another day.

Kissht began operations as an origination platform in 2015-16, bringing new customers to banksand NBFCs in the consumer durables and personal loan categories. In 2018, it secured a licence to run an in-house NBFC, Si Creva Capital Services, proceeding to build its own portfolio.