Digital borrowing company Kissht submits Draft Red Herring Prospectus to SEBI, seeking to gather Rs 1,000 crore through Initial Public Offering (IPO)
Indian-Born Founders Lead Digital Lending Platform Kissht's IPO
Kissht, a digital lending platform specialising in small-ticket consumer and merchant-driven loans, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise up to Rs 1,000 crore through a fresh issue of shares.
Founded in 2016 by Ranvir Singh and Krishnan Vishwanathan, both natives of India, Kissht has grown significantly since its inception. As of March 31, 2025, the platform reported 53 million registered users, up from 43 million a year earlier.
Despite this growth, the company's operating revenue declined more than 20% to Rs 1,337 crore in FY25, from Rs 1,674 crore in FY24. The net profit also saw a decrease, falling 18% to Rs 161 crore from Rs 197 crore in FY25.
Kissht's loan book stood at Rs 4,087 crore in assets under management, with 9 million cumulative customers and 1.9 million active borrowers. The growth in assets under management slowed sharply to 56.9% in FY25, compared with 105% in FY24. Disbursements nearly halved year-on-year to Rs 9,858 crore in FY25.
To support its growth, Kissht is considering a pre-IPO placement of up to Rs 200 crore, which could potentially reduce the size of the public issue if executed. The offering will include an offer-for-sale (OFS) of up to 8.88 million equity shares by its early investors. Ammar Sdn Bhd is set to sell 20-21 lakh shares in the offering, and other investors, including Ventureast Proactive Fund, Endiya Seed Co-creation Fund, and AION Advisory, will also seek partial exits in the offering. Vertex Ventures plans to offload up to 40 lakh shares in the offering.
From the fresh issue proceeds, Rs 750 crore will be infused into its non-banking finance subsidiary, Si Creva Capital. The balance of the funds raised will be allocated toward general corporate purposes.
The IPO will be managed by JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital, and Centrum Capital, with KFin Technologies as registrar.
Kissht's flagship app caters to retail borrowers, while its RING platform provides instant credit for purchases at partner merchants. The offering is expected to provide the company with the necessary funds to continue its growth and expand its services.
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