SEBI Grants Approval for Kissht ₹1,000+ Crore IPO

The Indian primary markets just got a shot of momentum. The Securities and Exchange Board of India (SEBI) has officially granted approval for the initial public offering of fintech lender Kissht, clearing a key regulatory hurdle and signalling that one of the year’s marquee IPOs is finally moving from planning to execution. 

The regulator’s observation letter, issued on January 8, 2026, has formally green light OnEMI Technology Solutions Ltd the parent company behind digital lending platform Kissht to proceed with a public offer that could raise upwards of ₹1,000 crore through a combination of fresh equity and an offer-for-sale (OFS). 

Founded in 2015 by Ranveer Singh and Krishnan Vishwanathan, Kisht has evolved from an introductory digital loan provider to one of India's most watched fintech plays. The platform focuses on providing fast, easily accessible unsecured and secured consumer loans through digital channels targeting customers previously underserved by traditional lenders. 

Over the past few years the company has expanded its reach into small personal loans and point-of-sale loans using data analytics and risk models partnering with merchants in the electronics fashion travel and lifestyle categories. 

It claims a registered user base of more than 53 million and has served over 9 million customers through its NBFC arm, Si Creva Capital Services. 

Yet growth has not been linear. As the fintech sector weathered a broader slowdown in unsecured lending, Kissht reported that its FY25 net profit dipped to around ₹160 crore, even as operating revenues contracted over 20% year-on-year. Experts say the slowdown forced a strategic pivot toward longer-tenure and secured credit products ahead of the IPO. 

Why SEBI Approval matters now

Regulatory approvals are the most critical milestone in any IPO journey. With SEBI’s observations in hand, Kissht can now finalise its offer document, engage with institutional investors, and set the pricing band and timeline for public subscription. 

In its current structure, the IPO is expected to include:

The fresh issue of up to Rs 1000 crore is aimed at strengthening the capital base of the NBFC sector and supporting future growth in lending. 

An offer for sale (OFS) of up to 88.8 million shares allowing early backers such as Vertex Ventures, Endiya Partners and Ventureeast to partially exit or rebalance their holdings. 

The new capital injection is likely to be aimed primarily at improving the capital adequacy of Keshet's lending business and meeting corporate priorities such as upgrading technology and risk management systems and expanding the business.  

Scale and Market Reach

By March 31, 2025, Kissht reported:

• 53.2 million registered users

• 9+ million customers served

• ~1.9 million active borrowers

Kissht: Financials (FY25)

Revenue: ₹1,337.4 crore down from ₹1,674.4 crore in FY24.

Net Profit: ₹160.6 crore down ~18.5% from ₹197.3 crore in FY24.

Assets Under Management (AUM): ~₹4,086 crore with loans increasingly longer-tenured.

Borrower Profile: Average CIBIL ~746; majority income ₹25,000–₹75,000/month.

It paints a picture of a company that weathered the broader slowdown in unsecured digital lending by recalibrating its product mix and focusing on quality and long-term loans. While revenues and profits have declined the strategic shift arguably positions Keast for sustainable growth rather than chasing short-term volume.

Unit Economics and Operational Metrics

Digging deeper into standalone operating dynamics:

• Interest income, the primary revenue driver, shrank in FY25 even as the loan book expanded reflecting competitive pricing and deferred fee recognition from longer-term loans.

  
  

• EBITDA margin stood around ~29.8% and ROCE near ~28.9%, both respectable for a lending business scaling with discipline.

  
  

• The spend to earn ratio was approximately ₹0.85 per ₹1 of operating revenue hinting at disciplined cost control amid slowing top-line growth.

These metrics suggest that while Kissht is not competing with deeper-pocketed incumbents in scale, it is capable of generating efficient returns on assets and managing incremental costs well.

Conclusion

SEBI’s approval brings Kissht (OnEMI Technology Solutions Ltd) to the final stretch, but the real test begins now. Behind the ₹1,000+ crore IPO headline lies a lender that has consciously slowed growth to protect asset quality, reshaped its loan mix, and prioritised profitability in a tougher regulatory environment. 

The numbers show disciplined healthy ROE and ROCE, a sizable loan book, and improving cost control but also flag near-term challenges like revenue contraction and dependence on unsecured credit. For investors, this IPO is not a momentum bet; it is a judgment call on whether Kissht can convert regulatory compliance and operational efficiency into consistent, cycle-proof growth once it enters the public markets.

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