Kissht Founders Invest ₹40 Crore at Premium Ahead of ₹926 Crore IPO Opening April 30
Just days before its initial public offering, the founders of digital lending platform Kissht have made a significant statement of conviction. Ranvir Singh and Krishnan Vishwanathan have together infused ₹40 crore into the company at a premium to the proposed IPO price band .
The investment was made at ₹201 per share, significantly higher than the IPO price band of ₹162–171 set for the public issue . This move signals the founders’ deep belief in the company’s long-term growth trajectory and profitability potential, especially at a time when valuations remain a major point of concern for public listings .
“Through this investment, the founders intend to convey their commitment to the business, especially at a time when valuations are a major point of concern in any public listing.”
— Company Statement on Founder Investment
The IPO at a Glance
Kissht’s parent entity, OnEMI Technology Solutions Pvt Ltd, is launching its ₹926 crore initial public offering on April 30, 2026, with the issue closing on May 5, 2026 .
The fresh issue proceeds (approximately ₹637.5 crore) will be used to augment the capital base of its NBFC subsidiary, Si Creva, to support future lending growth, while the remainder will go toward general corporate purposes .
Anchor Investor Participation: A Strong Vote of Confidence
Ahead of the public offering, Kissht successfully raised ₹277.8 crore from anchor investors, with shares allocated at the upper price band of ₹171 per share on April 29 .
Marquee Anchor Investors Include:
| Category | Investors |
|---|---|
| Global Institutions | Citigroup Global Markets Mauritius, BNP Paribas Financial Markets, Goldman Sachs Funds, New York State Teachers Retirement System |
| Domestic Mutual Funds | HDFC Mutual Fund, ICICI Prudential Mutual Fund, Bandhan Mutual Fund, WhiteOak Capital, Quant Mutual Fund |
Domestic mutual funds accounted for 57% of the anchor allocation, with shares worth ₹158.3 crore allotted across 13 schemes of seven fund houses . This strong institutional interest reflects confidence in Kissht’s business model and growth trajectory.
The Founders: Ranvir Singh and Krishnan Vishwanathan
Kissht was founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, both former McKinsey executives . The duo identified a gap in the digital lending market for young, middle-income borrowers underserved by traditional banks.
Their decision to invest ₹40 crore at a premium to the IPO price band—just weeks before the listing—underscores their commitment to long-term value creation and aligns their interests with public market investors .
Why This Matters: Founder-Led Investment as a Signal
In the current IPO landscape, where valuations and governance are under intense scrutiny, founder participation in funding rounds carries significant weight . The ₹40 crore infusion:
- Strengthens the balance sheet ahead of the public listing
- Aligns founder incentives with public market investors
- Signals confidence in the company’s intrinsic value and growth trajectory
- Demonstrates commitment to long-term value creation, not just short-term exit
Business Overview: Kissht’s Digital Lending Model
Kissht is a technology-enabled digital lending platform offering:
The platform has integrated 39 specialised machine-learning sub-models into its underwriting process to target underserved borrowers with decent creditworthiness . Its core customer base consists of young individuals (average age: 32 years) with monthly incomes between ₹25,000 and ₹75,000 and a median CIBIL score of 746 .
Financial Performance: Strong Growth Trajectory
Key Financial Ratios (as of Dec 2025):
The company’s repeat customer share declined to 50.6% as of December 2025 from 87% in FY23, reflecting a strategic shift toward cautious customer acquisition rather than aggressive repeat lending .
Strategic Shift: From Unsecured to Secured Lending
Kissht is actively diversifying its loan portfolio. While 94% of its AUM still consists of unsecured personal loans, the share of secured loans against property has grown from 2% in FY25 to 5.8% in 9M FY26 . This transition initially impacted revenue growth in FY25 but positions the company for more sustainable, lower-risk expansion.
The Competitive Landscape
Kissht operates in a crowded digital lending space, with competitors including:
| Competitor | Differentiator | Status |
|---|---|---|
| KreditBee | Unsecured consumer loans | Unicorn ($1.5B valuation) |
| Fibe (ex-EarlySalary) | Salary advances and personal loans | Preparing for IPO |
| MoneyTap | Credit-line backed by NBFCs | Privately held |
| CASHe | AI-driven underwriting | Privately held |
Kissht’s IPO will be closely watched as a benchmark for digital lending platforms seeking public market validation.
IPO Valuation and Peer Comparison
At the upper price band of ₹171, OnEMI Technology is valued at a price-to-book (P/B) multiple of 1.6x post-IPO.
Peer NBFC Valuation Comparison:
| Company | P/B Multiple |
|---|---|
| Fedbank Financial Services | 1.9x |
| SBFC Finance | 3.0x |
| MAS Financial Services | 2.1x |
| Aye Finance | 1.3x |
| OnEMI Technology (Kissht) | 1.6x |
Given its strong AUM growth, improving profitability, and low NPAs, the valuation appears reasonable relative to peers, though the transition to secured lending and concentration risk from unsecured loans remain key factors to monitor .
The Road Ahead
With a strengthened capital base from the IPO proceeds (₹637.5 crore earmarked for Si Creva), Kissht is well-positioned to:
- Scale its secured lending portfolio (loans against property)
- Expand geographical reach beyond its stronghold in southern and western India
- Enhance its AI-driven underwriting capabilities
- Diversify into new financial products for its 63 million+ registered users
The ₹40 crore founder investment at a premium to the IPO price band sends a powerful signal to the market. As the company prepares to list on the BSE and NSE, all eyes will be on subscription figures, listing day performance, and post-IPO execution.
The Final Word
Kissht’s journey from a 2015 startup to a publicly listed company is a testament to the maturation of India’s fintech ecosystem. The founders’ ₹40 crore investment at a premium to the IPO price band demonstrates rare conviction in a market where valuations are under pressure.
With a 63 million+ user base, ₹5,955 crore AUM, and improving profitability metrics, Kissht is poised to become a significant player in India’s listed fintech landscape. The IPO will test public market appetite for digital lending platforms and could pave the way for other fintech unicorns awaiting their turn.
