OnEMI Technology Solutions, the parent company of Kissht, has submitted its Red Herring Prospectus (RHP) to the Securities and Exchange Board of India (SEBI). The move follows the successful closure of its Technical Forum with SEBI and is the last step before the commencement of its ₹926 crore Initial Public Offering (IPO).
The fintech company has proposed a price range of between ₹162 and ₹171 per equity share for the issue, with the issue opening on April 30, 2026. On the upper price band, Kissht is estimated to witness a post-money valuation of approximately ₹3,062 crore (approximately $329 million).
IPO and capital injection
The fresh issue size has been revised down to a lower level of ₹850 crore from the proposed level of ₹1,000 crore. The OFS component has been halved to 4.4 million equity shares, down from the 8.8 million shares originally planned. This exit of early investors is valued at approximately ₹76 crore at the top of the price band.
A substantial part of the funds raised from the new issue will be used to boost the company’s capital. Kissht plans to inject ₹637.5 crore into its subsidiary, Si Creva Capital Services, the non-banking financial company (NBFC) of the firm.
This will help fundraising efforts to fund the growth of its loan business and future needs. The remaining proceeds from the new issue will be used for corporate purposes. It ensures the startup has the necessary working capital to sustain its operations and explore future growth opportunities in the digital credit market.
Investor participation and operational growth
The Offer for Sale includes several early-stage investors looking to exit in part with the public listing. Vertex Ventures is the largest seller in the OFS, selling 1.7 million shares. The other shareholders selling shares include Ammar Sdn Bhd, Ventureast Proactive Fund, Endiya Seed Co-creation Fund, and AION Advisory.
Vertex Ventures holds 22.68% of the shares. The company’s co-founders, Ranvir Singh and Krishnan Vishwanathan, hold substantial shares of 18.78% and 13.52%, respectively. The IPO is being backed by a group of prominent financial institutions. These include JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital, and Centrum Capital.
The registrar of the issue is Link Intime India Private Limited. The participation of these financial institutions highlights the institutional confidence in Kissht’s business strategy and its evolution, from venture-funded venture to listed company.
Kissht was established in 2015. Kissht has established a significant platform offering small-ticket lending and credit services. Kissht has achieved rapid growth through strategic collaborations with a wide range of merchants across the electronics, fashion, and travel industries. These collaborations have played a key role in acquiring users, leading to more than 53 million users and 9 million customers served at the time of the filing.
Conclusion
Through modifications to the offer size and a planned price range, the firm is seeking to strike the right balance between offering an exit to existing investors and raising significant funds for a growth-oriented consumer lender. By focusing on the capital needs of Si Creva Capital Services, the company is investing in its long-term loans business objectives.
As the first major digital lender to enter the public markets in 2026, the success of the Kissht IPO will likely set a precedent for other fintech companies looking to follow suit and go public, gaining access to institutional investors.
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