Digital lending firm Kissht files DRHP with SEBI to raise Rs 1,000 crore through IPO

Digital lending platform Kissht, operated by OnEMI Technology Solutions, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise up to Rs 1,000 crore through a fresh issue of shares.

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The offering will also include an offer-for-sale (OFS) of up to 8.88 million equity shares by its early investors, including Vertex Ventures, Ventureast, Endiya Partners, AION Advisory, and Ammar Sdn Bhd.

According to the draft red herring prospectus (DRHP), Vertex Ventures will offload as many as 40 lakh shares, while Ammar Sdn Bhd is set to pare 20-21 lakh shares. Other investors, including Ventureast Proactive Fund, Endiya Seed Co-creation Fund, and AION Advisory, will also seek partial exits, marking close to a decade since their first bets on the company.

From the fresh issue proceeds, Rs 750 crore will be infused into its non-banking finance subsidiary, Si Creva Capital, to strengthen its capital base. The balance will be allocated toward general corporate purposes. Kissht is also considering a pre-IPO placement of up to Rs 200 crore, which, if executed, will proportionally reduce the size of the public issue.

Founded in 2016 by Ranvir Singh and Krishnan Vishwanathan, Kissht specialises in small-ticket consumer and merchant-driven loans, offered primarily through its mobile applications. Its flagship app caters directly to retail borrowers, while its RING platform provides instant credit for purchases made at partner merchants. More recently, the company has piloted Conexo, a distribution platform for sourcing loan products, including credit cards, on behalf of other financial institutions.

Kissht’s scale has grown rapidly: as of March 31, 2025, it reported 53 million registered users, up from 43 million a year earlier, with 9 million cumulative customers and 1.9 million active borrowers. Its loan book stood at Rs 4,087 crore in assets under management, though disbursements nearly halved year-on-year to Rs 9,858 crore in FY25. Growth in assets under management also slowed sharply to 56.9% in FY25, compared with 105% in FY24.

The company’s financials reflect a mixed picture. Operating revenue declined more than 20% to Rs 1,337 crore in FY25, from Rs 1,674 crore in FY24, while net profit fell 18% to Rs 161 crore from Rs 197 crore.

The IPO will be managed by JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital, and Centrum Capital, with KFin Technologies as registrar.