Kissht, a prominent player in India’s digital lending ecosystem, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to INR 1,000 crore through its initial public offering (IPO). The offering will include both a fresh issue of shares and an offer-for-sale (OFS) component.
Breakdown of the IPO Structure
As per the DRHP, the IPO will consist of a fresh issue worth INR 1,000 crore and an OFS of up to 88.8 lakh equity shares. Several early investors, including Vertex Ventures, Endiya Ventures, and Ventureast, are slated to offload a portion of their holdings through the OFS.
- Vertex Ventures will sell up to 50 lakh shares
- Ammar Sdn Bhd plans to offload 21 lakh shares
- Other investors, including Endiya Ventures and Ventureast, will participate with smaller stake reductions
Use of IPO Proceeds
Out of the INR 1,000 crore fresh issue, Kissht plans to allocate approximately INR 750 crore to strengthen the capital base of its NBFC subsidiary, Si Creva Capital Services. The funds will help meet future capital requirements and support the company’s loan book expansion.
The remaining capital is expected to be used for general corporate purposes, technology enhancement, and potential inorganic growth opportunities.
Kissht’s Financial Performance: A Mixed Bag
While the IPO move is a major milestone for the Mumbai-based fintech startup, Kissht’s financial performance in FY25 has seen a decline. According to its financial disclosures:
- Net profit dropped by 18% year-on-year, falling to INR 160.6 crore in FY25, compared to INR 197.3 crore in FY24
- Operating revenue declined by over 20%, from INR 1,674.5 crore in FY24 to INR 1,337.5 crore in FY25
This downturn is attributed to a tighter lending environment, increased regulatory oversight on digital lending, and growing competition in the fintech lending space. However, Kissht remains optimistic about future growth, especially with a stronger capital base post-IPO.
Kissht’s Business Model and Market Presence
Founded to democratize access to credit, Kissht provides instant credit and EMI solutions to consumers across India. It operates both as a lending platform and through its NBFC arm, Si Creva, offering personal loans, consumer durable loans, and merchant EMI services.
The company has established partnerships with multiple merchants and e-commerce platforms, enabling users to avail of financing at the point of sale. With its proprietary credit underwriting engine and AI-driven risk models, Kissht aims to provide seamless digital credit access to underserved customers.
Looking Ahead
The IPO is expected to give Kissht the financial muscle to expand its product offerings, deepen its presence across Tier 2 and Tier 3 markets, and invest further in technology and compliance infrastructure. The move also reflects growing investor interest in India’s fintech lending landscape, despite regulatory challenges and market fluctuations.
As Kissht gears up for its public debut, all eyes will be on how it navigates the post-IPO landscape and capitalizes on the vast potential of India’s credit-hungry market.
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