Lending tech startup Kissht’s parent OnEMI Technology Solutions has filed its red herring prospectus (RHP) for a ₹926 Cr IPO. The offering will open for bidding on April 30 (Thursday) and close on May 5. Anchor bidding will take place on Wednesday (April 29).

The IPO will comprise a fresh issue of shares worth up to ₹850 Cr, marking a 15% decrease from the ₹1,000 Cr proposed in the DRHP. Meanwhile, the offer for sale has been halved to 44.4 Lakh shares worth ₹75.9 Cr at the upper end of the price band.

The company has set a price band of ₹162-171 for the public issue. At the upper end of the price band, the IPO will value the company at about ₹2,881 Cr (about $294.3 Mn). The startup filed its DRHP in August 2025 and received SEBI clearance for the IPO in January.

Kissht plans to utilise a bulk of the net proceeds from the fresh issue, ₹637.5 Cr to be precise, to augment the capital base of its NBFC Si Creva and meet its future capital requirements. In the first nine months of FY26, Si Creva’s AUM stood at ₹3,099.4 Cr as against ₹2,523.6 Cr at the close of FY25.

Less than 25% of the fresh issue proceeds will be utilised toward general corporate purposes, including capital expenditure, IT expenses, business development initiatives, distribution and fulfilment network, along with rental and administrative expenses.

Vertex Ventures, Endiya Partners, Ventureast, and AION Advisory Services are among the investors who plan to offload their shares via the OFS component. Ammar Sdn Bhd is selling 11.5 Lakh shares worth ₹19.77 Cr at the upper end of the price band, halved from 21 Lakh shares proposed in the DRHP.

Vertex Holdings will sell 17.5 Lakh shares worth ₹29.17 Cr across three funds. Endiya Partners will offload 5.35 Lakh shares worth ₹9.15 Cr through the OFS.

At the time of filing the RHP, Vertex held a combined 22.7% stake in Kissht, while venture capital firm Ventureast held a total of 9% through two funds. Endiya Partners’ shareholding in the company stood at 5.61%.

Meanwhile, Kissht’s cofounders Ranvir Singh and Krishnan Vishwanathan held 18.8% and 13.5% stake in the company, respectively.

Founded in 2015 by Singh and Vishwanathan, Kissht is a lending tech platform that offers personal and business loans of up to ₹5 Lakh with minimal documentation digitally. It also offers health-related insurance products and secured loans through loans against property. It claims to have integrated 39 specialised machine-learning sub-models to its underwriting process to target underserved borrowers with decent creditworthiness.

Kissht’s Financial Performance

In the first three quarters of FY26, Kissht reported a profit after tax (PAT) of ₹199.3 Cr on an operating revenue of ₹1,569.9 Cr. Including other income of ₹24 Cr, the startup’s total revenue for the nine-month period stood at ₹1,594 Cr. Its revenue streams include interest income, fees and commission, marketing, commission and rewards earned through solicitation of insurance products and policies.

Kissht’s expenses for the period stood at ₹1,317.4, which included employee benefit costs of ₹187.3 Cr, impairment on financial instruments worth ₹344.6 Cr, finance costs of ₹205.7 Cr and branding and marketing expenses of ₹176.3 Cr.

In FY25, its PAT declined about 18% to ₹160.6 Cr from ₹197.3 Cr in the previous fiscal year. Operating revenue declined over 20% to ₹1,337.5 Cr from ₹1,674.5 Cr in FY24.

As per the company, it had a registered user base of 6.3 Cr at the close of 2025, with 28.7 Cr active users and a net promoter score of 95. Its assets under management stood at ₹5,955.7 Cr as on December 31, 2025, up 45.7% from ₹4,086.6 Cr in FY25. Over 94% of its AUM consists of unsecured personal loans worth ₹5,612.2 Cr, down from an over 98% contribution at the end of FY25.

Secured loans against property worth ₹343.4 Cr now make up for 5.77% of the loan book, up from 2% in FY25, highlighting the lender’s efforts to accelerate secured lending. The transition hurt Kissht in FY25, when its revenue declined owing to slowdown in its AUM growth amid a concerted effort to move to longer-tenure secured lending from the small ticket, high interest loans it earlier specialised in.

The startup’s gross NPA stood at 2.90% at the end of December 31, 2025, while net NPA stood at 0.38%.

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