India’s markets regulator has approved the IPO plans of digital lending platform Kissht, allowing OnEMI Technology Solutions Ltd — Kissht’s parent — to proceed with a public offering. The clearance comes as investor sentiment for profitable, well-governed fintech firms shows signs of recovery, positioning Kissht for a likely listing in the coming months.
IPO structure and size
According to draft filings, the IPO will include a fresh issue of equity of up to ₹1,000 crore and an offer for sale (OFS) by existing shareholders. The fresh issuance is intended to raise growth capital, while the OFS will enable early backers to partially monetise holdings after nearly a decade of investment.
Several institutional investors are expected to participate in the OFS, signalling confidence in Kissht’s long-term prospects. The company is also exploring a possible pre-IPO placement; any such transaction could lead to an adjustment in the size of the fresh issue.
Use of proceeds
A significant portion of the raised funds will be routed to Kissht’s NBFC arm, Si Creva Capital Services, to strengthen its capital base and support loan-book expansion in line with regulatory capital adequacy norms. Remaining proceeds are earmarked for general corporate purposes, technology upgrades and other strategic initiatives aimed at scaling lending operations while managing credit risk.
Business model and market footprint
Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht specialises in unsecured personal loans and small-ticket credit products targeting underserved and new-to-credit customers. The platform’s merchant partnerships span electronics, lifestyle and essential services, enabling point-of-sale digital credit that appeals to India’s expanding smartphone and internet user base.
As per the latest disclosures, Kissht has registered over 50 million users and about 2 million active borrowers, reflecting adoption across metropolitan and non-metro markets.
Financial position and strategic shift
Despite rapid user growth, Kissht’s recent financials reflect sector-wide headwinds for fintech lenders, including tighter regulations and a renewed emphasis on asset quality. The company has been shifting strategy towards sustainable growth, enhanced risk controls and improved unit economics — measures that industry observers view as important ahead of a public listing.
Implications for India’s fintech IPO pipeline
SEBI’s approval arrives amid a resurgence in India’s IPO activity, with multiple companies either filing draft papers or receiving clearances. For the fintech sector, Kissht’s move toward public markets could bolster sentiment and encourage other mature startups to consider listings, potentially widening retail participation in India’s digital finance journey.
Kissht is expected to finalise its IPO timetable based on prevailing market conditions as it prepares to make its debut on Dalal Street.
