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 the Registrar of Companies (RoC).

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.