Kissht Files DRHP For INR 1,000 Cr IPO

SUMMARY

The lending tech startup’s proposed IPO will comprise a fresh issue of up to INR 1,000 Cr and an offer-for-sale component of up to 88.8 Lakh shares

Vertex Ventures, Endiya Ventures, Ventureast, among others, would pare their stake as part of the OFS

In the run up to its IPO, Kissht's net profit for FY25 declined about 18% to INR 160.6 Cr while its top line declined by over 20% YoY to INR 1,337.5 Cr

Lending tech startup Kissht parent has filed its draft red herring prospectus (DRHP) with SEBI to raise up to INR 1,000 Cr via the fresh issue. Its IPO will also comprise an offer-for-sale (OFS) component of up to 88.8 Lakh shares.

Vertex Ventures, Endiya Partners, Ventureast, among others, would pare their stake as part of the OFS. While Vertex plans to sell up to 50 Lakh shares via the IPO, Ammar Sdn Bhd will sell up to 21 Lakh shares.

From the fresh issue, Kissht plans to utilise about INR 750 Cr to augment the capital base of its NBFC subsidiary, Si Creva Capital, to meet its future capital requirements. The company plans to invest INR 250 Cr in FY26 and the remaining amount in FY27.

The remaining amount would be utilised for general corporate purposes.

In the run up to its IPO, Kissht’s net profit for FY25 declined about 18% to INR 160.6 Cr from INR 197.3 Cr in the previous fiscal year. Operating revenue declined over 20% to INR 1,337.5 Cr from INR 1,674.5 Cr in FY24.

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht offers various types of loans and financial products to individuals and small businesses, with a focus on providing instant and hassle-free credit solutions through its app.

While its flagship consumer-facing platform offers users instant credit, the company also operates a separate app RING, which is focused on providing instant credit to customers reaching the platform through merchants. Kissht is also piloting a new platform, Conexo, for sourcing retail loan products, including credit cards, for other financial institutions.

The Mumbai-based startup said that its platform had 5.3 Cr registered users as of March 31, 2025 with 91.6 Lakh active customers. The company’s registered user base grew 23% from 4.3 Cr at the end of FY24.

Its loan book had over 1.9 Cr active customers and INR 4,086.6 Cr in assets under management. Its loan disbursement, however, nearly halved to INR 9,857.8 Cr from INR 18,531.1 Cr in FY24.

Important to note that the lending platform’s AUM growth has been subsiding over the past fiscal year, reducing to 56.9% in FY25 from 105.4% in FY24. Meanwhile, its repeat customer AUM also reduced to 73.3% in FY25 from 84.7% in the previous fiscal.