When To Expect Kissht IPO In FY2026?

As per news reports, Kissht, an online lending platform, one of the upcoming IPO in 2025 is gearing up for an initial public offering (IPO) to raise capital. The company has engaged investment bankers to manage the process, signalling its intent to tap the public markets.

Kissht IPO Details and Merchant Bankers

As per news reports, Kissht has appointed ICICI Securities, UBS Securities India Private Limited, and Motilal Oswal Investment Banking as its merchant bankers. The company is in the process of finalising a fourth banker.

Kissht is expected to file its pre-IPO documents with the regulator around June. The company plans to raise approximately ₹1,926 crore through the IPO.

Kissht IPO Structure and Valuation

The IPO will comprise a mix of primary and secondary share sales. A significant portion, around 75%, is expected to be primary capital. This will be used to fund the company’s growth initiatives and expansion into new business lines.

Kissht is targeting a valuation between $900 million and $1.1 billion for its public listing.

In 2022, Kissht secured funding of about $80 million from Vertex Growth and Brunei Investment Agency, valuing the company at approximately $344 million.

Kissht’s Business Model

Kissht’s business model is centred on unsecured consumer lending. It operates across three main segments:

• Consumption loans
• Purchase financing (including partnerships with e-commerce platforms like Amazon and Flipkart)
• Loans to MSMEs and business owners

These segments, excluding purchase financing, make up approximately 85% of their business. The company has also recently entered the secured lending market with its loans against property (LAP) business.

Use of IPO Proceeds By Kissht

The funds raised through the IPO, along with pre-IPO funding, will be primarily directed towards expanding Kissht’s loan book. A substantial portion of the proceeds will be allocated to growing its newly launched loans against property business, representing its entry into the secured lending segment. Kissht anticipates that this new segment will contribute 12-14% to its overall loan book in the current year.

OnEMI’s Growth in Assets Under Management

OnEMI Technology, the parent company of Kissht, has demonstrated significant growth in its assets under management (AUM). In the financial year 2024-25, OnEMI Technology’s AUM grew by 55%, reaching more than ₹4,200 crore. In the previous financial year (FY24), their AUM doubled to ₹2,700 crore.

As per the senior management executives of the company, the overall unsecured loan industry is expected to grow at 20% for larger digital lenders with AUM between ₹4,000-15,000 crores.

Conclusion

Kissht’s strategic IPO aims to fuel expansion in unsecured lending and the new secured loan segment. Strong AUM growth and a focus on technology underscore its market position, targeting substantial industry growth.

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