Mumbai-based digital lending platform Kissht is preparing to file its Draft Red Herring Prospectus (DRHP) by June 2025 for a proposed public offer of USD 225 million (~INR 1,926 crore). Kissht IPO is expected in H2 FY26. This will be a significant milestone for the startup, which has steadily built credibility in the volatile and tightly regulated unsecured lending space.
Kissht IPO
Kissht has mandated ICICI Securities, UBS Securities India, and Motilal Oswal as lead managers for the IPO, with discussions ongoing to finalize a fourth investment banker. Some industry reports suggest that the offering will comprise both primary and secondary components, with approximately 75% of the proceeds earmarked for primary capital to fund expansion and strengthen its new secured lending vertical.
The fintech is reportedly targeting a valuation in the range of USD 900 million to USD 1.1 billion (~INR 9,400 crore), a significant increase from its USD 344 million (~INR 3,000 crore) valuation in 2022, when it last raised USD 80 million (~INR 682 crore) from Vertex Growth and Brunei Investment Agency.
Kissht – Business Overview
Kissht was founded in 2015 by Ranvir Singh and Krishnan Vishwanathan. The company has evolved from a digital consumption loan facilitator into a diversified lender with a mix of unsecured and secured offerings. Its core business remains focused on three verticals:
- Consumption Loans
- Purchase Financing (including partnerships with e-commerce platforms like Amazon and Flipkart)
- MSME and Business-Owner Loans
Unsecured loans, especially consumption and MSME-focused credit, constitute nearly 85% of its loan book. However, recent quarters have seen a strategic pivot into secured lending, particularly loans against property (LAP) — a segment Singh believes is ripe for disruption.
“We aim to disburse loans in no more than 72 hours — not just a sanction letter, but actual money transferred into the account,” said Singh.
This foray into secured lending also led to the discontinuation of Kissht’s short-term purchase financing product, allowing the company to focus on longer-tenured, higher-ticket products with potentially better risk-adjusted returns.
FY24 Performance & Outlook
Kissht closed FY24 with strong metrics:
- Disbursements rose 54% YoY to INR 18,527 crore
- Assets Under Management (AUM) more than doubled to INR 2,669 crore
- Total income stood at INR 1,700 crore
- Net profit (provisional) surged 3.4x to INR 202 crore
Crisil’s latest rating report confirms this performance, pointing to healthy profitability and operational scalability. While a one-time loss of INR 11 crore in Q1 FY25 was reported due to write-offs related to portfolio realignment, management expects profitability to rebound and stabilize in subsequent quarters.
Looking ahead, FY25 revenue is projected to cross INR 2,000 crore, bolstered by continued momentum in both secured and unsecured segments.
Regulatory Tightening? Kissht Isn’t Flinching
India’s digital lending sector has been under the regulatory microscope, particularly with respect to First Loss Default Guarantee (FLDG) norms, data privacy, and transparency mandates from the Reserve Bank of India (RBI). However, Singh, who is also a founding member of the RBI-appointed SRO Fintech Association for Consumer Empowerment (FACE), maintains a constructive stance.
“Many viewed the RBI’s actions as restrictive, but I believe they bring structure and maturity to the ecosystem,” he said.
According to Singh, regulation has helped weed out weaker players and encouraged responsible innovation, especially in co-lending partnerships, which are becoming a key growth engine.
Investor Lineup
Kissht has raised a cumulative INR 507 crore to date from marquee investors like Vertex Growth, Brunei Investment Agency, Zodius, Ventureast, Endiya Partners, Fosun Capital, Sistema Asia, and Trifecta Capital. It also boasts a high-profile strategic investor and brand ambassador in cricketing legend Sachin Tendulkar, whose association is expected to bolster customer trust and brand visibility in Tier-2 and Tier-3 markets.
Competition & Differentiation
The company operates in a crowded space with peers like MoneyView, Lendingkart, FlexiLoans, Capital Float, and KredX. However, Kissht’s focus on tech-led underwriting, data-driven decision-making, and its own NBFC arm (Si Creva Capital Services) gives it better control over loan origination, disbursement, and collections.
Its consumer-facing app, Ring, further integrates lending with digital payments and bill management, creating a sticky ecosystem for users.
Conclusion
Kissht IPO plans come amid a broader resurgence of tech IPOs in India, with more than 20 startups, including Meesho, PhysicsWallah, and IndiQube, preparing to hit the markets in 2025. Unlike several of its peers, Kissht stands out not just for its profitability but for navigating the regulatory landscape without compromising growth.
With a strong brand, a diversified product suite, improving financials, and investor confidence, Kissht’s public issue will be closely tracked by institutional investors and retail market participants alike.