Kissht posts Rs 1,337 Cr revenue in FY25 with Rs 161 Cr profit

Digital lending platform Kissht has filed draft papers with SEBI to raise Rs 1,000 crore through a fresh issue of shares. While the company’s financial numbers appear attractive compared to many other IPO-bound startups, both its revenue and profit declined in the fiscal year ending March 2025.

Kissht’s operating revenue fell 20% to Rs 1,337 crore in FY25 from Rs 1,674 crore in FY24, according to its restated consolidated financial statements sourced from DRHP.

Kissht makes money from interest income and sourcing & servicing fees. Interest on loans slipped 18% to Rs 994 crore, while sourcing and servicing fees grew to Rs 238 crore. Other income streams such as marketing and commission income and insurance commission contributed Rs 7 crore and Rs 3 crore, respectively, during the last fiscal year.

As per the company’s DRHP, revenue from operations dropped 20% primarily due to lower income from on-book loans. Interest on loans declined despite higher on-book AUM, as the company adopted competitive pricing and originated longer-tenure loans, which deferred recognition of processing fees. Other fees and charges also fell sharply on account of improved borrower quality and lower bounce rates. However, revenue from off-book loans increased, with sourcing and servicing fees rising 45%, supported by growth in the off-book loan portfolio.

On the cost side, impairment on financial instruments was the largest expense, which halved to Rs 327 crore. Outsourcing and back-office expenses fell 32% to Rs 150 crore, while marketing spend declined 11% to Rs 96 crore. Finance cost surged more than two-fold to Rs 164 crore, and employee benefit expenses rose 6.6% to Rs 193 crore. 

At the end of the last fiscal year, its total expenses declined 21% to Rs 1,136 crore in FY25 from Rs 1,433 crore in FY24.

The combination of lower revenue and higher fixed costs led to a contraction in profitability for Kissht. Its net profit declined 18.5% year-on-year to Rs 160.6 crore in FY25 from Rs 197 crore in FY24, while ROCE and EBITDA margin stood at 28.88% and 29.79%, respectively.

On a unit level, Kissht spent Rs 0.85 to earn a rupee of operating revenue in FY25. As of March 2025, the company recorded current assets worth Rs 2,161 crore including Rs 144 crore in cash and bank balances.