India’s fast-growing digital lending space is set for a major milestone as Kissht prepares to launch its much-anticipated IPO. The fintech company aims to raise substantial capital while strengthening its position in the competitive lending market.
Kissht is gearing up to open its Initial Public Offering (IPO) on April 30, marking a significant step in its growth journey. The company plans to raise approximately ₹926 crore through the public issue, targeting a post-money valuation of ₹3,026 crore.
The IPO structure includes a fresh issue worth ₹850 crore alongside an Offer for Sale (OFS) of 4.4 million shares by existing investors. The price band has been fixed between ₹162 and ₹171 per share, making it accessible to a wide range of retail and institutional investors.
In a broader disclosure, the company indicated that the total fundraising could approach ₹1,000 crore, depending on subscription levels and final allocations. This IPO is expected to attract strong interest given the rapid expansion of India’s fintech ecosystem.
Kissht has outlined a clear strategy for deploying the funds raised through the IPO. A significant portion of the fresh capital—around ₹750 crore—will be infused into its lending subsidiary, Si Creva Capital Services Pvt Ltd.
This capital infusion is aimed at strengthening the company’s balance sheet and expanding its lending capabilities. The remaining funds will be used for general corporate purposes, including operational improvements, technology upgrades, and business expansion initiatives.
This strategic allocation highlights the company’s focus on scaling its core lending operations while maintaining financial stability.
Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht has emerged as a prominent player in India’s digital lending landscape.
The platform specializes in providing small-ticket consumer loans through partnerships with merchants across sectors such as electronics, fashion, and travel. By leveraging technology, the company offers quick and accessible credit solutions to underserved segments of the population.
Kissht operates under its parent entity, OnEMI Technology Solutions Pvt Ltd, which also runs a payments platform called Ring. Together, these offerings create an integrated financial ecosystem for users.
As of December 2025, the company had over 6.37 crore registered users, reflecting its strong market penetration. Its Assets Under Management (AUM) reached ₹5,955.75 crore, showcasing rapid growth in lending operations.
Kissht’s financial performance has demonstrated steady and impressive growth over the past few years. For the financial year ending March 2025, the company reported operating revenue of ₹1,337 crore and a net profit of ₹160 crore.
The company’s AUM has grown significantly, increasing from ₹1,268 crore in FY23 to ₹4,087 crore in FY25. This represents a compound annual growth rate (CAGR) of nearly 80 percent, highlighting the rising demand for digital credit solutions.
In the nine months ending December 31, 2025, Kissht reported total income of ₹1,583 crore and a profit after tax of ₹199 crore. Its total assets also expanded to ₹3,568 crore, indicating strong balance sheet growth.
Additionally, borrowings increased to ₹2,047 crore, reflecting the company’s efforts to scale its lending operations in line with market demand.
Kissht has built a large and diverse customer base, serving over 9 million users with 1.9 million active borrowers as of March 2025. The platform’s ability to reach customers across various income segments has been a key driver of its growth.
Its digital-first approach, combined with partnerships across industries, has enabled the company to tap into India’s growing demand for quick and convenient credit solutions.
The expansion of its user base also reflects broader trends in India’s fintech sector, where digital adoption continues to accelerate.
Despite its strong growth trajectory, Kissht faces several challenges that investors will need to consider. One of the primary concerns is its reliance on unsecured lending, which accounts for over 98 percent of its AUM.
Unsecured loans typically carry higher credit risk, as they are not backed by collateral. This makes the company more vulnerable to defaults, especially during economic downturns.
As of March 2025, Kissht reported a delinquency rate of 3.6 percent for loans overdue by more than 90 days. While this is within manageable limits, it highlights the inherent risks in its business model.
Another factor is the company’s credit rating of CRISIL BBB+, which is lower compared to industry leaders such as Bajaj Finance and SBI Cards. This indicates relatively higher perceived risk from a credit perspective.
The IPO is being managed by a consortium of leading investment banks, including ICICI Securities, UBS Securities India, and Motilal Oswal.
Kissht is among the early digital lending startups in India to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India, marking an important milestone for the fintech sector.
This move reflects increasing regulatory maturity and investor confidence in India’s digital finance ecosystem.
Kissht’s IPO is expected to have broader implications for the Indian fintech industry. As one of the first major digital lending platforms to go public, it could pave the way for similar companies to tap capital markets.
The listing will also provide investors with an opportunity to participate in the growth of India’s digital lending sector, which is being driven by rising internet penetration and financial inclusion initiatives.
However, the IPO will also serve as a test case for how markets evaluate fintech firms, particularly those with high exposure to unsecured lending.
Looking ahead, Kissht aims to continue expanding its lending portfolio while strengthening risk management practices. The company is expected to invest in advanced analytics and credit assessment tools to improve loan quality.
It also plans to deepen its presence in underserved markets, leveraging technology to reach new customer segments.
With strong growth momentum and increasing investor interest, Kissht’s IPO could mark the beginning of a new phase for both the company and India’s fintech ecosystem.
Conclusion
Kissht’s upcoming IPO represents a significant milestone in its journey and a key moment for India’s digital lending industry. While the company’s rapid growth and expanding user base make it an attractive investment opportunity, potential risks associated with unsecured lending remain an important consideration.
As the IPO date approaches, market participants will be closely watching investor response and the company’s ability to sustain its growth trajectory in a competitive and evolving landscape.