Digital lending platform Kissht raised 2.8 billion rupees (US$29.3 million) from 22 anchor investors at 171 rupees (US$1.8) per share before its IPO opened on April 30, according to an exchange filing reported by The Economic Times.
IPO Structure and Valuation
Anchor investors in the round included HDFC Mutual Fund, ICICI Prudential Mutual Fund, and Goldman Sachs-backed funds.
The IPO comprises a fresh issue of 8.5 billion rupees (US$89.6 million) and an offer for sale of approximately 760 million rupees (US$8.01 million), bringing the total to 9.3 billion rupees (US$97.6 million). At the top end of the price band, the company is valued at 30.6 billion rupees (US$323 million).
Company Background and Business Model
Founded in 2015, Kissht offers consumer and personal loans through its own balance sheet and in partnership with approximately 38 lending partners.
Financial Performance
Kissht’s assets under management rose from 12.7 billion rupees (US$134 million) in FY23 to 59.6 billion rupees (US$628 million) in the first nine months of FY26. Revenue from operations increased from 9.8 billion rupees (US$104 million) to 16.8 billion rupees (US$177 million).
However, the company faced headwinds in fiscal year 2025, when operating revenue fell by more than 20% and net profit dropped by approximately 18% from the prior year.
Regulatory Environment and Market Context
Kissht’s IPO comes as India’s digital lending sector adjusts to new regulations. The Reserve Bank of India raised the risk weightage for banks and Non-Banking Financial Companies (NBFCs) on unsecured consumer credit exposure by 25 percentage points, lifting capital requirements and costs across the sector.
The market is shifting away from standalone fintech lending apps toward models backed by regulated banks, a trend accelerated by exit plans from firms such as ZestMoney, an Indian buy now, pay later startup.
Notably, Kissht’s co-founders recently purchased shares at 201 rupees (US$2.1) each, a price significantly above the IPO’s top end of 171 rupees (US$1.8) per share.
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