Kissht, the digital lending startup run by OnEMI Technology Solutions, has officially files its draft red herring prospectus (DRHP) with SEBI, signaling plans to raise Rs 1,000 crore through an initial public offering (IPO). Adding spice to the mix, the IPO includes an offer-for-sale (OFS) of 8.88 million shares, giving early investors like Vertex Ventures, Ventureast, Endiya Seed, AION Advisory, and Ammar Sdn Bhd a chance to partially exit.
Most of the fresh funds around Rs 750 crore will fortify Kissht’s NBFC arm, Si Creva Capital, giving it a stronger capital cushion and expanding lending operations. The remaining Rs 250 crore will cover general corporate needs. On top of that, the company may execute a pre-IPO placement of Rs 200 crore, tweaking the public issue proportionately.
Since its inception in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht has carved a niche in small-ticket consumer loans and merchant financing. With over 53 million registered users, more than 9 million customers served, and 1.9 million active borrowers, Kissht has built impressive traction. Its loan book stands at Rs 4,087 crore, despite a dip in disbursements to Rs 9,858 crore in FY25.
Financially, FY25 saw operating revenue of Rs 1,337 crore, down from Rs 1,674 crore the previous year, with net profit dropping 18% to Rs 161 crore. Managed by JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital, and Centrum Capital, this IPO positions Kissht among the first digital lenders to test public markets in India, highlighting a sharp rise in investor interest in fintech.
1. Overview of Kissht
Kissht isn’t just another fintech startup it’s a company redefining access to credit. Catering to salaried individuals, self-employed borrowers, and merchants, its mobile app and RING platform facilitate seamless small-ticket loans and instant merchant credit.
The DRHP filing is a strategic move to bolster its capital, expand lending, and reinforce confidence in India’s fast-growing digital lending sector.
1.1 Significance of IPO Filing
This IPO is more than a funding round it’s a statement. It allows early investors to partially exit while providing fresh capital to Kissht’s NBFC subsidiary. For the fintech ecosystem, it signals robust investor confidence and underscores the urgent demand for financial inclusion in underserved segments.
2. Company Background
2.1 Founders and Early History
Founded by Ranvir Singh and Krishnan Vishwanathan, Kissht emerged to fill the glaring credit access gap for salaried and self-employed individuals. Armed with a technology-first approach, the founders streamlined borrowing, making small-ticket loans faster and simpler. Early funding from Vertex Ventures, Ventureast, Endiya Seed, AION Advisory, and Ammar Sdn Bhd propelled rapid scaling.
2.2 Growth Journey
Starting with consumer loans, Kissht quickly pivoted to merchant financing via RING. Strategic tie-ups across electronics, fashion, travel, and lifestyle sectors fueled adoption. The company also introduced Conexo, a B2B distribution tool, allowing financial institutions to reach borrowers seamlessly.
2.3 Funding History
Over nearly a decade, Kissht has steadily raised venture capital, building a robust platform. Now, the IPO serves both as a growth vehicle and an exit route for early investors. The potential pre-IPO placement of Rs 200 crore adds flexibility in managing the public issue size.
3. Business Model and Operations
3.1 Loan Products
Kissht offers:
- Small-ticket consumer loans for salaried and self-employed individuals.
- Instant merchant credit through RING.
- Co-branded credit card distribution via Conexo.
The model blends technology with accessibility, benefiting both retail borrowers and partner merchants.
3.2 Revenue Streams
Revenue streams include:
- Interest income
- Processing fees
- Cross-selling financial products
Si Creva Capital strengthens lending capacity, ensuring sustainable revenue growth.
3.3 Technological Integration
Kissht leans on AI-driven credit scoring for rapid approvals. Conexo widens its network, allowing partnerships with other financial institutions and extending market reach.
4. Financial Performance
4.1 FY25 Highlights
FY25 performance snapshot:
- Operating revenue: Rs 1,337 crore (down 20% YoY)
- Net profit: Rs 161 crore (down 18% YoY)
- Loan disbursements: Rs 9,858 crore (down 47% YoY)
- AUM: Rs 4,087 crore
The slowdown indicates cautious lending amid a shifting market landscape.
4.2 Customer Metrics
- Cumulative customers: 9 million
- Active borrowers: 1.9 million
- Registered users: 53 million
These numbers highlight strong market penetration and growing customer trust.
5. Market and Industry Trends
5.1 Digital Lending Growth
India’s digital lending sector, pegged at Rs 1.2 trillion in 2022, is projected to exceed Rs 28 trillion by 2025. Driving factors include smartphone adoption, fintech penetration, and surging demand for small-ticket loans.
5.2 Competitive Landscape
Top competitors: Paytm, EarlySalary, Capital Float. Kissht stands out via technology integration, diverse offerings, and merchant partnerships that deliver tangible advantages.
5.3 Sector Challenges
- Rising loan delinquencies, especially in Tier-3 cities (90+ day overdue loans at 3.6%)
- Intense fintech and NBFC competition
- Economic volatility affecting interest rates and repayments
6. Products and Services
6.1 Flagship Mobile App
The Kissht app delivers instant loans, repayment tracking, and credit management, providing a frictionless user experience.
6.2 RING Platform
RING enables merchant financing, letting retailers extend instant credit and boost customer loyalty.
6.3 Conexo Platform
Conexo is a B2B distribution tool, enabling banks and NBFCs to reach borrowers efficiently, strengthening Kissht’s market footprint.
7. Funding and IPO Details
7.1 IPO Structure
- Fresh issue: Rs 1,000 crore
- OFS: 8.88 million shares
- Key selling investors: Vertex Ventures (39.4 lakh shares), Ammar Sdn Bhd (20.89 lakh shares), Ventureast, Endiya Seed, AION Advisory
7.2 Fund Allocation
- Rs 750 crore: Si Creva Capital
- Rs 250 crore: Corporate purposes
7.3 Pre-IPO Placement
Up to Rs 200 crore may be placed pre-IPO, proportionally reducing the public offering.
7.4 IPO Management
Managed by JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital, and Centrum Capital, with KFin Technologies as registrar.
8. Founders’ Vision and Strategy
8.1 Financial Inclusion
Kissht’s mission is democratizing credit. The focus: instant, small-ticket loans for underserved populations through digital channels.
8.2 Growth Strategy
Expansion plans include product diversification, enhanced digital distribution, and NBFC strengthening, with strategic partnerships at the core.
9. Learning for Startups and Entrepreneurs
Key takeaways:
- Use technology to simplify processes and improve user experience.
- Develop diverse revenue streams for sustainability.
- Plan strategic exits for investors.
- Prioritize compliance and risk management.
- Stay nimble and adapt to market trends.
About Foundlanes
Foundlanes covers India’s emerging startups and global ventures. Kissht’s IPO filing demonstrates the platform’s commitment to timely, insightful fintech coverage, helping entrepreneurs and investors track growth opportunities. .By reporting on such trends, The Startups News empowers founders and investors to make informed decisions in a fast-growing market.