India’s startup ecosystem continues to witness a steady stream of stock market debuts, and the latest name in the pipeline is OnEMI Technology Solutions, the company behind the fast-growing digital lending app Kissht. The fintech has officially filed draft papers with SEBI for a ₹1,000 crore initial public offering (IPO).
The proposed issue will include a combination of fresh shares and an offer-for-sale (OFS) of 88.79 lakh shares by existing investors such as Ammar Sdn Bhd and funds managed by Vertex and Ventureast. For the fintech sector, which has had a mixed track record with IPOs so far, this listing will be closely watched.
Credits: Inshorts
The Kissht Story So Far
Launched in 2016, Kissht was built with a simple yet powerful vision—make credit accessible to young, mass-market Indians. Unlike traditional lending institutions bogged down by paperwork and legacy systems, Kissht leaned on digital-first processes, AI-driven risk assessment, and a consumer-friendly app to make borrowing almost frictionless.
Its proposition clicked with India’s aspirational youth and first-time borrowers. By March 2025, Kissht had:
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Over 5 crore registered users
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92 lakh total customers served
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An active loan book of 19 lakh borrowers
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Assets under management (AUM) of ₹4,087 crore
The app carved a niche in quick, small-ticket loans—perfect for everything from smartphones to household purchases—while also offering personal loans and credit lines.
How Kissht Plans to Use the IPO Proceeds
The draft red herring prospectus (DRHP) reveals a clear strategy for the funds raised:
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Capital infusion into Si Creva Capital Services – Kissht’s lending arm, Si Creva, will get a significant chunk of the IPO proceeds. This boost will allow it to strengthen its balance sheet, meet regulatory capital adequacy requirements, and support the rising loan demand from customers.
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General corporate purposes – The remaining amount will be deployed to enhance operations, expand tech capabilities, and explore future growth opportunities.
Essentially, the IPO will not only improve Kissht’s lending muscle but also cement its position in India’s increasingly competitive fintech lending space.
A Look at the Numbers
If performance in FY25 is anything to go by, Kissht seems to be entering the public market on a strong footing.
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Revenue: ₹1,337 crore
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Net Profit: ₹161 crore
These numbers highlight not just scale but also profitability—a factor that public market investors are increasingly scrutinizing, especially after the mixed performance of earlier fintech listings. Kissht’s healthy bottom line sets it apart from many digital-first lenders still grappling with losses.
Who’s Steering the Ship?
OnEMI has roped in some heavyweight financial institutions to manage its IPO. JM Financial and HSBC are acting as the lead managers. Their presence signals confidence in the company’s fundamentals and ensures strong institutional participation when the issue hits the markets.
What Makes Kissht Stand Out?
In India’s crowded fintech landscape, Kissht stands out because of:
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Mass-market focus – While many fintechs chase urban, premium customers, Kissht has carved its base in aspirational middle-class India.
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Quick disbursal and convenience – Loans are often approved and disbursed within minutes, a game-changer for younger borrowers.
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Strong risk management – Proprietary algorithms help assess creditworthiness of first-time borrowers, reducing defaults.
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Profitability – Unlike many peers, Kissht has already turned profitable while scaling rapidly.
The Road Ahead
The IPO could mark a new phase for Kissht. With strengthened capital and public market visibility, the company is likely to double down on expanding its customer base, diversifying loan products, and further innovating in digital credit.
For India’s capital markets, this is more than just another fintech listing—it’s a test of how much confidence investors now place in consumer lending platforms that straddle both technology and financial services.
Credits: Upstox
Conclusion
OnEMI Technology Solutions’ ₹1,000 crore IPO is more than a fundraising exercise—it’s a coming-of-age moment for a fintech that started with the dream of making credit accessible to the masses. From 5 crore registered users to ₹1,337 crore in revenue, Kissht’s growth story is impressive. The big question now is whether the public markets will buy into that story.
If successful, the listing will not only fuel Kissht’s next phase of growth but also shine a spotlight on the future of digital lending in India’s financial landscape.
