India’s markets regulator has cleared the initial public offering (IPO) plan of digital lending platform Kissht, enabling its parent, OnEMI Technology Solutions Ltd, to proceed with a public listing. The approval comes as investor interest in fintech firms with clear paths to profitability and strong customer reach slowly recovers.
IPO structure and fundraising plans
According to draft filings, the proposed IPO comprises a fresh issue of equity of up to ₹1,000 crore and an offer for sale (OFS) by existing shareholders. The fresh issue is intended to raise growth capital while the OFS will allow early backers to partially monetise holdings after nearly a decade of investment.
Several institutional investors are expected to participate in the OFS. Kissht is also weighing a pre-IPO placement; completion of such a round could lead to a reduction in the size of the fresh issue.
Use of proceeds
A significant portion of the fresh-issue proceeds will be allocated to bolstering the capital base of Kissht’s non-banking financial company (NBFC) arm, Si Creva Capital Services, to support loan-book growth and meet regulatory capital adequacy requirements.
Remaining funds are earmarked for general corporate purposes, technology investment and long-term strategic initiatives. Management says the capital infusion will help scale lending operations responsibly while strengthening risk controls and balance-sheet resilience.
Company background and business model
Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht has positioned itself in the consumer lending segment by offering unsecured personal loans and small-ticket credit to underserved and new-to-credit customers.
The company has developed merchant partnerships across electronics, lifestyle and essential services, enabling point-of-sale digital credit for consumers. This merchant-led distribution, combined with mobile and internet proliferation, has supported the platform’s expansion beyond metro centres.
As of the latest reported period, Kissht reported more than 50 million registered users and nearly 2 million active borrowers, reflecting broad adoption across urban and non-urban markets.
Financial performance and market positioning
While user growth has been strong, Kissht’s recent financials mirror sector-wide challenges, including heightened regulatory scrutiny and an emphasis on asset quality. The company has pivoted toward disciplined growth, improving unit economics, and strengthening risk-management practices.
Market observers view these adjustments favourably ahead of a public listing, noting that institutional and retail investors are prioritising governance, compliance and sustainable profitability when assessing fintech offerings.
Implications for the fintech ecosystem
SEBI’s approval adds momentum to a broader resurgence in India’s IPO market, where several companies have recently filed papers or received clearances. For fintech, a successful Kissht listing could boost sector sentiment and encourage other mature digital lenders to consider public markets.
The company will set the final IPO timetable based on market conditions. If the listing proceeds as planned, Kissht would join a growing cohort of Indian fintech firms seeking capital and greater public-market scrutiny as they scale operations.
