Kissht, operated by OnEMI Technology Solutions, opened its ₹925.92 crore initial public offering to a strong institutional response, while retail participation remained measured. The Mumbai-based digital lender, founded in 2016 by Ranvir Singh and Krishnan Vishwanathan, focuses on quick, small-ticket credit for India’s middle-income borrowers.
Business model and product suite
Kissht targets salaried customers earning ₹25,000–₹75,000 a month—segments often underserved by traditional banks. It operates two consumer-facing apps: Kissht for personal loans and Ring for buy-now-pay-later (BNPL) purchases.
Lending is primarily done through its non-banking finance company, Si Creva Capital Services, while co-lending and distribution partnerships with banks generate fee income. The platform uses data-led underwriting and machine learning for near-instant credit decisions, and a “Credit QR” network across more than 27,000 merchant touchpoints enables both online and offline access.
The company reports over 63 million registered users and close to 3 million active customers on its ecosystem.
Growth trajectory and regulatory backdrop
Kissht’s assets under management reached ₹5,956 crore as of December 2025. The business moderated growth in FY25 following the Reserve Bank of India’s tighter norms on unsecured lending, which weighed on revenue and profitability. Performance improved in FY26, with revenue of ₹1,560 crore and profit of over ₹199 crore in the first nine months, aided by better operating leverage and collections.
While collection metrics and customer engagement remain strong, the portfolio’s high share of unsecured loans exposes the lender to potential stress if macroeconomic conditions weaken.
IPO subscription trends and valuation
The public issue, priced in the ₹162–₹171 band, was subscribed more than nine times by 5 May 2026. Interest from global institutions, including Goldman Sachs and Citigroup, drove the qualified institutional buyers’ book to nearly 25 times.
Retail subscription stood at 1.83 times, reflecting cautious sentiment amid muted grey market premium, which signals limited near-term listing gains.
On relative valuation, the offer appears inexpensive against diversified peers such as Bajaj Finance. However, analysts highlight key risks including regulatory changes around unsecured credit, elevated borrowings to fund growth, and concentration of lending operations within a single NBFC subsidiary.
- Issue size: ₹925.92 crore
- Price band: ₹162–₹171 per share
- Institutional subscription: ~25x
- Overall subscription: >9x (as of 5 May 2026)
- Retail subscription: 1.83x
