Kissht trims IPO size, to raise Rs 850 crore fresh capital

The issue, set to open for subscription on Thursday and close on May 5, has a price band of Rs 162-171 per equity share. At the upper end of the price band, the total size of the issue is about Rs 926 crore.

Venture capital firm Vertex Ventures is the largest selling shareholder, looking to sell up to 1.7 million shares in the IPO. Other investors include Ammar Sdn Bhd, Endiya Partners, Ventureast, and AION Advisory Services.

Benefits tilt towards Ventureast

Among them, Bengaluru-based VC firm Ventureast stands to benefit the most, with a weighted average acquisition cost of Rs 15.73 per share. The fund had invested in Kissht in 2016 in its $3 million Series A round. In contrast, Vertex’s cost stands at Rs 79.51 and Rs 124.44 a share across different funds, Endiya’s at Rs 36.23, and AION Advisory’s at Rs 124.44 a share.

The updated documents also show that promoters Ranvir Singh and Krishnan Vishwanathan increased their stake ahead of the public issue. The founders together bought shares worth around Rs 40 crore from existing investors last month. Singh holds a 18.8% stake in the company, while Vishwanathan holds 13.5%. Vertex Ventures is the largest external shareholder with nearly 22% stake.

Kissht is among the earlier wave of fintech companies in the digital lending space, which is now crowded with players such as KreditBee, CASHe, Fibe, Stashfin, and MoneyTap, among others. It offers unsecured personal loans to young, middle-income borrowers largely in the southern and western states.

Its parent, OnEMI Technology, has an asset under management of Rs 5,956 crore as of December-end, divided almost equally between its own NBFC arm and lending partners. During the first half of fiscal 2025, OnEMI’s AUM moderated to Rs 2,707 crore, as the group discontinued its short-term product and increased focus towards longer-tenured and higher-ticket size loans, according to a Crisil Ratings report from last year.

Kissht, like other digital lenders in the unsecured space, is navigating through the RBI’s increased scrutiny on unsecured loans over the last few years. As a result, net total income in FY25 declined to Rs 1,188 crore from Rs 1,632 crore in FY24. Profit after tax fell to Rs 160.6 crore from Rs 197.3 crore in the preceding year. In the nine months ended December 2025, profit was nearly at Rs 200 crore on a net income of Rs 1,378 crore.

Loans with a tenure of six months or higher are now 98% of the business, Vishwanathan told Fe in an interview last year. Besides unsecured credit, the company offers secured loans against properties that form 5.7% of its total AUM.

The IPO proceeds from the fresh issue are expected to be primarily used to augment the company’s capital base to support future lending, apart from general corporate purposes.