Regulatory approval for public listing
Capital markets regulator Securities and Exchange Board of India has cleared the initial public offering (IPO) plans of OnEMI Technology Solutions, the parent company of digital lending platform Kissht, according to regulatory filings. The approval follows the company’s submission of its Draft Red Herring Prospectus (DRHP) last year, as more fintech firms prepare to tap public markets amid improving investor sentiment.
IPO structure and size
As per the draft papers, the proposed IPO will include a fresh issue of shares worth up to ₹1,000 crore, along with an offer for sale (OFS) of nearly 8.8 million shares by existing shareholders. The company may also explore a pre-IPO placement, which could result in a proportionate reduction in the size of the fresh issue.
Selling shareholders
According to the DRHP, Ammar Sdn Bhd plans to offload up to 20.89 lakh shares, while Vertex Ventures intends to sell about 39.4 lakh shares. Other investors seeking partial exits include Ventureast Proactive Fund, Endiya Seed Co-creation Fund, and AION Advisory, many of whom have backed the company for close to a decade.
Use of proceeds
The net proceeds from the fresh issue are proposed to be used to strengthen the capital base of Kissht’s NBFC arm, Si Creva Capital Services, support business expansion, and meet general corporate purposes.
Business overview and performance
Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht focuses on small-ticket consumer loans through partnerships with merchants across electronics, fashion, travel and other categories. As of March 2025, the company had 53.2 million registered users, served over 9 million customers, and had 1.9 million active borrowers.
Financials and IPO management
Kissht reported operating revenue of ₹1,337 crore in FY25, compared with ₹1,674 crore in FY24, and posted a net profit of ₹160 crore. The IPO will be managed by JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital and Centrum Capital, with KFin Technologies acting as the registrar.
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