SEBI clears Kissht IPO plans

Capital markets regulator SEBI has cleared the initial public offering (IPO) plans of OnEMI Technology Solutions, the parent company of digital lending platform Kissht, according to regulatory filings.

The approval comes after Kissht filed its Draft Red Herring Prospectus (DRHP) last year, joining a growing list of fintech firms lining up for the public markets amid improving sentiment.

As per the draft papers, the proposed IPO will comprise a fresh issue of up to Rs 1,000 crore, along with an offer for sale (OFS) of nearly 8.8 million shares by existing shareholders. The company may also consider a pre-IPO placement, which could lead to a corresponding reduction in the fresh issue size.

According to the DRHP, Ammar Sdn Bhd will offload up to 20.89 lakh shares, while Vertex Ventures plans to sell 39.4 lakh shares. Other selling shareholders include Ventureast Proactive Fund, Endiya Seed Co-creation Fund, and AION Advisory, who are looking for partial exits after nearly a decade of backing the company.

The proceeds from the fresh issue are proposed to be used for augmenting the capital base of its NBFC arm, Si Creva Capital Services, funding business expansion, and meeting general corporate expenses.

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht provides small-ticket consumer loans and has scaled aggressively on the back of partnerships with merchants across electronics, fashion, travel and other categories. As of March 2025, the company had a registered user base of 53.2 million and claims to have served over 9 million customers, with 1.9 million active borrowers.

Financially, Kissht reported operating revenue of Rs 1,337 crore in FY25 against Rs 1,674 crore in FY24. Its net profit stood at Rs 160 crore during the same fiscal. The IPO will be managed by JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital and Centrum Capital, while KFin Technologies will act as registrar.