KISSHT Reports 60.9% AUM Growth to ₹8,001 Cr and 33.1% User Base Surge

Market snapshot: OnEMI Technology Solutions, operating under the brand KISSHT, has showcased a robust start to FY27 with significant scale expansion across all core lending metrics. The company’s focus on diversifying its portfolio toward secured assets is becoming evident as Assets under Management cross the ₹8,000 Cr milestone.

Data Snapshot

• AUM: ₹8,001 Cr (+60.9% YoY)
• Q1FY27 Disbursements: ₹3,812 Cr (vs ₹2,780 Cr Q1FY26)
• Registered User Base: 74.60 Mn (+33.1% YoY)
• LAP Mix: 7.7% of AUM (vs 2.5% YoY)

What's Changed

• AUM scale-up from ₹4,972 Cr to ₹8,001 Cr within 12 months.
• Secured lending (LAP) now accounts for 7.7% of the book, more than tripling from 2.5% YoY.
• Customer acquisition velocity maintained with 0.50 Mn new customers added in a single quarter.

Key Takeaways

• Aggressive disbursement growth of 37% YoY indicates high credit appetite in the digital lending segment.
• The 13.2% QoQ AUM increase suggests momentum is accelerating into the new fiscal year.
• Diversification into LAP signals a move to lower risk-weighted assets and higher ticket sizes.

SAHI Perspective

KISSHT is successfully transitioning from a pure-play digital micro-lender to a multi-product fintech NBFC. The massive jump in LAP mix from 2.5% to 7.7% is a calculated move to stabilize asset quality as the book scales toward the ₹10,000 Cr mark. Maintaining a 33% user growth rate despite higher competition reflects strong brand stickiness.

Market Implications

The 60% growth in AUM outpaces many traditional NBFCs, suggesting fintechs are continuing to capture market share in consumption credit. Increased focus on LAP may put pressure on traditional mortgage lenders in the small-ticket segment. Capital allocation is likely shifting toward secured product tech stacks.

Trading Signals

Market Bias: Bullish

Strong top-line expansion with 60.9% AUM growth and 37% higher disbursements provides high visibility for revenue growth in FY27.

Overweight: Fintech, Digital NBFCs, Secured Lending

Underweight: Unsecured Micro-credit

Trigger Factors:

• Cost of borrowing trends
• Asset quality in the expanding LAP book
• Regulatory updates on digital lending

Time Horizon: Medium-term (3-12 months)

Industry Context

The Indian digital lending market is entering a consolidation phase where players with scale like KISSHT are leveraging their massive user bases (74 Mn+) to cross-sell higher-value products. Regulatory clarity from the RBI has helped institutionalize these platforms, allowing for faster AUM growth through co-lending partnerships.

Key Risks to Watch

• Rising cost of funds could compress margins if not passed to customers.
• Rapid expansion in the LAP segment requires robust valuation and recovery infrastructure.
• Potential regulatory changes regarding capital adequacy for fintech NBFCs.

Recent Developments

In May 2026, OnEMI Technology Solutions secured a ₹500 Cr debt round from a consortium of private banks to fuel its Q1 disbursement targets. Earlier in April, the company launched its proprietary 'KISSHT-Secured' module to automate LAP processing.

Closing Insight

KISSHT’s Q1 performance validates the scalability of digital-first lending models. By crossing ₹8,000 Cr in AUM with an increasing tilt toward secured assets, the company is positioning itself as a major contender in the evolving NBFC landscape.

FAQs

What drove the 60.9% growth in KISSHT's AUM?

The growth was driven by a significant increase in overall disbursements, which reached ₹3,812 Cr in Q1FY27, alongside a expanding user base of 74.60 Mn registered users.

How is the portfolio mix changing at OnEMI Technology Solutions?

There is a clear shift toward secured lending, with Loan Against Property (LAP) increasing from 2.5% of AUM in June 2025 to 7.7% in June 2026.

What does the 13.2% QoQ AUM increase imply for the rest of the year?

A 13.2% increase in a single quarter (₹934 Cr) suggests a strong trajectory that could see AUM approaching ₹11,000-12,000 Cr by the end of FY27 if momentum holds.

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