Kissht, part of OnEMI Technology Solutions, launched its ₹925.92 crore initial public offer amid strong institutional demand but muted retail interest. The firm, founded in 2016 by Ranvir Singh and Krishnan Vishwanathan, provides quick digital loans and BNPL services to India’s expanding middle class.
Business model and customer focus
Kissht targets salaried customers earning roughly ₹25,000–₹75,000 a month who face hurdles obtaining conventional bank credit. The company operates two consumer apps: Kissht for personal loans and Ring for buy‑now‑pay‑later purchases. Lending is carried out through its NBFC arm, Si Creva Capital Services, and via partnerships with banks that generate commission income.
Advanced analytics and machine learning are used to assess applicants and deliver near‑instant loan decisions. A proprietary “Credit QR” system, active at more than 27,000 merchant locations, supports both online and offline sourcing. The platform reports over 63 million registered users and nearly 3 million active borrowers.
Financial performance and risks
The company’s loan book grew to ₹5,956 crore by December 2025. Regulatory tightening on unsecured lending led to a slowdown in FY25, weighing on revenue and margins. Kissht recovered in FY26, posting revenue of about ₹1,560 crore and profit exceeding ₹199 crore in the first nine months of the year.
Collections and customer metrics show improvement but the portfolio is largely unsecured. That concentration raises vulnerability to economic slowdown, regulatory shifts and higher credit costs. High leverage and reliance on a single lending vehicle are additional areas analysts watch closely.
IPO reception and market outlook
Priced at ₹162–₹171 a share, the IPO was subscribed over nine times by May 5, 2026. Large investors such as Goldman Sachs and Citigroup drove institutional demand to nearly 25 times. Retail subscription was modest at 1.83 times, and grey market premiums signalled limited near‑term listing upside.
While the valuation appears attractive relative to established consumer finance peers, experts advise caution given sector risks. Investors should weigh growth prospects against regulatory and credit‑cycle exposures before taking positions.
