Kissht, run by OnEMI Technology Solutions, has entered the stock market with its ₹925.92 crore IPO. The issue has received strong interest from big investors, but retail investors have shown a more cautious response. Founded in 2016 by Ranvir Singh and Krishnan Vishwanathan, the company focuses on offering quick digital loans to India’s growing middle-class population.
Simple Business Model Focused on Everyday Users
Kissht mainly targets salaried people earning between ₹25,000 and ₹75,000 per month who often find it difficult to get loans from traditional banks. It runs two main apps—Kissht for personal loans and Ring for buy-now-pay-later services. The company lends money through its NBFC arm, Si Creva Capital Services, and also partners with banks to earn commissions.
The platform uses technology and machine learning to quickly check customer data and approve loans within minutes. It also uses a “Credit QR” system with over 27,000 merchant locations, helping people access loans both online and offline. This has helped the company grow fast, with more than 63 million users and nearly 3 million active customers.
Strong Growth with Some Challenges
Kissht has seen rapid growth in recent years. Its total loan book reached ₹5,956 crore by December 2025. In FY25, the company slowed down due to stricter RBI rules on unsecured loans, which affected its revenue and profits. However, it bounced back strongly in FY26, with revenue reaching ₹1,560 crore and profits crossing ₹199 crore in just nine months.
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The company also shows strong performance in collections and customer satisfaction. Still, most of its loans are unsecured, which can be risky if the economy slows down.
IPO Response and Market Mood
The IPO, priced between ₹162 and ₹171 per share, was overall subscribed more than 9 times by May 5, 2026. Big investors like Goldman Sachs and Citigroup showed strong interest, pushing the institutional category to nearly 25 times subscription.
However, retail investors subscribed only 1.83 times, showing a careful approach. The grey market premium remained low, suggesting limited short-term listing gains.
Even though the valuation looks cheaper compared to companies like Bajaj Finance, experts are keeping an eye on risks like regulatory changes, high borrowings, and heavy dependence on one lending unit.