Kissht IPO 2026: OnEMI Technology Solutions ₹926 Crore IPO, Complete Review

IPO at a Glance

OnEMI Technology Solutions, which operates the digital lending platform Kissht, has fixed a price band of ₹162–171 per share for its ₹925.92 crore IPO. The issue opens on April 30, 2026, and closes on May 5, with anchor investor bidding on April 29. Allotment is expected on May 6 and listing on both BSE and NSE on May 8.

So, What Does Kissht Actually Do?

Most Indians borrowing money for the first time do not walk into a bank. They walk into a phone shop or a clothes store or open an app at midnight. That is exactly where Kissht lives.

Incorporated in June 2016 by Ranvir Singh and Krishnan Vishwanathan, OnEMI Technology Solutions operates two consumer brands: Kissht, a digital lending platform, and Ring, a payment application. Together, they offer personal loans and buy-now-pay-later credit to India's mass market, the salaried class earning ₹25,000–₹75,000 a month, largely underserved by traditional banks.

The actual lending is done through its NBFC subsidiary, Si Creva Capital Services, which handles disbursements, KYC, and EMI collections, keeping the parent entity asset-light.

As of March 2025, Kissht has 53.23 million registered users, 9.16 million cumulative customers, and a Play Store rating of 4.6 stars from over a million reviews. Its Net Promoter Score of 91 would make most consumer brands envious. The average Kissht customer is 32 years old, carries a median CIBIL score of 746, and nearly 65% live in India's top 50 cities. These are not subprime borrowers, they are credit-hungry young professionals the banking system simply has not caught up with yet.

Grey Market Premium (GMP)

As of April 27, 2026 — three days before the Kissht IPO opens — the grey market premium stands at ₹0 per share, with a subject-to-sauda rate of ₹0 per application, as reported by IPO Central. Meaningful grey market activity has not yet emerged ahead of the April 30 subscription opening.

A GMP of zero does not indicate weakness — it simply reflects that no unofficial premium or discount to the upper band price of ₹171 has formed yet. Grey market sentiment typically builds after anchor allotment (April 29) and picks up pace as institutional and HNI subscription data comes in. Investors should track the GMP through the three-day bidding window (April 30–May 5), as it can shift materially once subscription trends become visible.

Source: IPO Central (ipocentral.in), as of April 27, 2026

The Numbers: Impressive Growth, But With a Catch

In FY25, Kissht reported revenue from operations of ₹1,337 crore and a profit after tax of ₹161 crore. Its assets under management stood at ₹4,087 crore with over 1.9 million active customers. AUM grew at a CAGR of nearly 80% between FY23 and FY25, and profits grew at over 140% CAGR in the same period.

But FY25 also tells a more cautious story. Revenue fell 20% from ₹1,674 crore in FY24, profits dipped 18% from ₹197 crore, and loan disbursements slowed significantly to ₹9,858 crore. The RBI's tightening of unsecured lending norms and its Digital Lending Directions of 2025 forced most consumer lenders to pump the brakes. Kissht was not immune.

Importantly, this moderation appears deliberate rather than distressed. AUM still grew 57% in FY25, a sign the company was prioritising quality over volume. And the numbers since have bounced back sharply: for the nine months ended December 2025 (9MFY26), Kissht reported revenue from operations of ₹1,559.9 crore and profit after tax of ₹199.3 crore, already ahead of full-year FY25 profit, with a quarter still to go.

Return on equity stands at 17.74%, and the company's capital adequacy ratio (CRAR) of 25.18% is stronger than Bajaj Finance (21.93%) and SBI Cards (22.90%). Net NPA for FY25 was just 0.25%, best-in-class among its peer group.

What Is the Money Actually For?

Of the ₹850 crore fresh issue proceeds, ₹637.50 crore goes directly into Si Creva Capital, the NBFC subsidiary, as fresh Tier-1 capital. More capital in Si Creva means a larger permissible loan book, which means more interest income for the parent. The balance goes toward general corporate purposes.

The ₹75.92 crore OFS is a partial exit by early backers, Vertex Ventures, Ventureast, Endiya Seed, AION Advisory, and others. OFS proceeds go to the selling shareholders, not to the company, and do not affect operations or future plans.

How Does It Stack Up Against Peers?

At ₹171 per share, OnEMI is priced at a post-IPO P/E of 10.84x (based on annualised 9MFY26 PAT) and a price-to-book of 0.91x, a discount to book value, which is unusual for a profitable, growing fintech.

The valuation gap is striking. One caveat: peer P/Es are on FY25 trailing earnings, while Kissht's 10.84x uses annualised 9MFY26 forward earnings. On a trailing FY25 basis, Kissht's P/E would be higher. But given the sharp earnings recovery in 9MFY26, both the P/E and P/B represent a meaningful discount to every listed peer.

Strengths and Risks: The Honest Picture

What works in Kissht's favour:

• Proprietary tech stack built entirely in-house, enabling fast product iteration and regulatory adaptation.
• ML-driven credit underwriting battle-tested across millions of borrowers, with net NPA of just 0.25% in FY25.
• Credit QR model — 27,734 active merchant touchpoints drive offline-to-online loan originations, an edge pure-digital lenders lack.
• Strong customer franchise: NPS of 91, Play Store rating of 4.6 from 1M+ reviews, 53M registered users.
• Well-capitalised: CRAR of 25.18% exceeds Bajaj Finance (21.93%) and SBI Cards (22.90%).
• Earnings recovery: 9MFY26 PAT of ₹199.3 crore already surpasses full-year FY25 profit.

Real risks that should not be overlooked:

• Entirely unsecured book: The entire loan portfolio is unsecured personal credit — the most vulnerable category during economic slowdowns.
• Regulatory exposure: The RBI's Digital Lending Directions of 2025 materially expanded compliance obligations. The environment remains actively evolving.
• FY25 contraction was real: Revenue and profit both fell. The 9MFY26 recovery is encouraging but still early-stage validation.
• Concentration risk: AUM of ₹4,087 crore is a fraction of even the smallest listed peer. Scale and diversification remain works in progress.
• NBFC funding risk: Tightening in credit markets or rising borrowing costs could squeeze margins on the short-duration, high-turnover loan book.

The Big Picture

India has hundreds of millions of people who have never taken a formal loan. Kissht is focused on the slice that is digitally active, regularly employed, and looking for credit, a large, underserved, and structurally growing market.

What stands out is that Kissht chose to slow disbursements in FY25 rather than chase growth at the cost of asset quality. The 9MFY26 results suggest the business has reset and is accelerating again — and fresh IPO capital will bolster Si Creva's balance sheet further.

At ₹171 per share, you are buying a profitable digital lender with 53 million users, a battle-tested platform, and a clear runway in India's underpenetrated credit market, at a steep discount to every comparable peer. The short-term headwinds are genuine: the FY25 dip was real, regulatory risk is ongoing, and the book is entirely unsecured. But the long thesis—lending to India's rising middle class through a trusted, technology-first platform, remains very much intact.