The financial ecosystem in India is undergoing a paradigm shift. As the traditional banks have historically catered to the credit-worthy population and micro-lenders have focused on the bottom of the credit pyramid, a massive “Missing Middle” in this pyramid remained underserved. To capitalise on this fast-growing segment, OnEMI Technology — the company behind the Kissht platform is set to launch its IPO on 30 April 2026. To help investors make an informed decision before investing, here’s a detailed Kissht IPO review, covering its business model, valuation, and long-term sustainability.

Capturing India’s “Missing Middle”

Kissht caters to the mass market segment. According to the 1Lattice Report, this segment represents the emerging middle class—digitally savvy, aspirational, yet credit-underpenetrated.

Kissht IPO at a Glance (April 30 – May 5, 2026):

• The company has set a price band of INR 162 – 171 per share.
• The total issue size of INR 921.92 – 925.92 Crore. The issue is largely a fresh issue of INR 850 crore. This primary capital is earmarked for its subsidiary, Si Creva, a middle-layer NBFC, to augment its capital base and fuel future loan book growth.
• As of 31 December 2025, Kissht manages an Assets Under Management (AUM) of INR 5,955.75 crore, and serving over 11.17 million unique customers. The company has 6.37 crore registered users.

The company has managed to maintain a Net Promoter Score (NPS) of 95 and a 4.6-star rating on the Play Store.

Kissht IPO Review: Business Model

The most compelling aspect we find when analysing Kissht’s business model is its omnichannel acquisition model. Unlike many fintechs that burn massive amounts of cash on digital marketing, Kissht has built a sustainable “Phygital” moat.

A. O2O (Offline-to-Online) Merchant Ecosystem

By partnering with small business owners (kirana stores, retail outlets), the company installs “Credit QR” to embed itself at the point of transaction.

• As of 9M FY2026, the company has 52,396 active merchants.
• When a customer scans a QR code to avail credit for a purchase, the merchant essentially acts as a low-cost acquisition point. This channel accounted for 23.28% of new customer acquisitions in the nine months ended December 2025.

B. Advanced AI/ML Underwriting

Kissht uses advanced AI/ML underwriting tools, which reduce the reliance on static credit bureau scores alone and improve loan book quality.

• The system processes over 7,000 variables, including digital footprints, transaction behavior, and alternative data.
• The framework is built on 39 specialized sub-models designed for different demographics (e.g., Salaried vs. Self-employed, Thick vs. Thin credit files).
• This allows the company to offer loan approvals in record time – 85% of new customers receive an offer within 10 minutes, while 90% of repeat customers get an offer within an amazing 6 minutes.

Kissht IPO Analysis: On-Book vs. Off-Book Dynamics

OnEmi Technology IPO review is incomplete without understanding its Liability Framework.

A. Balance Sheet

• FY 2023: The company was largely asset-light, with 64.46% of loans residing on the books of lending partners (Off-book).
• 9M FY 2026: The company now holds 51.13% of its AUM on its own balance sheet (On-book) via Si Creva.
• Why this matters: Holding loans on-book allows Kissht to retain the full spread of interest income. This is reflected in their impressive Net Interest Margin (NIM) of 21.19%.

B. Diversified Funding and Liquidity

Kissht has relationships with 47 lenders, this includes public and private sector banks (like ICICI Bank and AU Small Finance Bank).

• Credit Strength: Kissht has A- Stable ratings from CRISIL and Acuité. The company has reduced its average cost of borrowing to 15.43% (as of 9M FY2026).
• Co-lending and DA: For the remaining 48.87% Off-book AUM, Kissht uses co-lending and Direct Assignment (DA) models, allowing it to scale without being constrained by its own capital limits.

Kissht IPO Review: Product Portfolio

Kissht’s product portfolio includes small, high-velocity personal loans and then graduates the customers to larger, secured products.

A. Personal Loans (PL)

Personal loan accounts for 94.23% of total AUM (INR 5,612.29 crore).

• Tenure & Ticket Size: Loans are offered up to 5 years with ticket sizes up to 5 lakh.
• These are primarily used for small business working capital, durables, and emergency consumption.

B. Loan Against Property (LAP)

Recognising the risks of a purely unsecured book, Kissht forayed into LAP in Q4 FY2024.

• Within a short span, they have established 82 branches across 7 states.
• As of December 2025, LAP AUM stands at INR 3,43.47 crore. With an average ticket size of INR 4.78 Lakh and a Turnaround Time (TAT) of less than 15 days.

C. Cross-Selling Revenues

Kissht is evolving into a financial supermarket.

• Insurance: In the 9M ended Dec 2025, they sold 1.45 million insurance policies (Health, Life, and Auto), generating significant fee income.
• They recently introduced savings and investment products (Mutual Funds, Digital Gold), ensuring that they capture every facet of the customer’s financial wallet.

Kissht IPO Analysis: Financial Snapshot

Analytical Summary:

• AUM Momentum: The company’s AUM has scaled from INR 1,267.9 crore in FY23 to INR 5,955.7 crore in 9M FY26. This reflects a highly scalable business model that has successfully doubled its book almost every 18 months.
• Credit Cost Stabilization: Impairment peaked in FY24 at INR 621.15 crore due to post-pandemic provisioning and aggressive growth. However, by 9M FY26, these costs have stabilized at INR 344.63 crore, indicating that the AI-based Underwriting Engine has successfully refined its risk parameters.
• Leverage & Capital: While the Debt-to-Equity ratio has increased to 1.63x, it remains conservative for an NBFC, leaving substantial headroom for future borrowing to fuel the next phase of AUM growth.

Kissht IPO Risks & Regulatory Landscape

• Unsecured Concentration: Despite the foray into LAP, 94.23% of the AUM remains unsecured. The portfolio remains sensitive to RBI’s regulatory stance on risk weights for consumer credit.
• Geographic Focus: The heavy reliance on South and West India (61% of AUM) is a concentration risk. However, the current expansion into 82 LAP branches across 7 states is a step toward broader geographic diversification.
• Collection Intensity: Maintaining a 97.64% collection efficiency requires a high-intensity operational setup. Any disruption in the field agent network (8,291 agents) could temporarily impact asset quality.

Should You Invest in Kissht IPO?

Kissht (OnEMI Technology) offers 10-minute loan approvals and a Net NPA of 0.38%, highlighting a superior tech stack. An RoA of 8.48% is significantly higher than the industry average. The rapid scaling of the LAP business also provides a much-needed secured anchor to the balance sheet.

Kissht has effectively navigated the transition from a fintech disruptor to a profitable, scaled NBFC. With a V-shaped recovery in the Stub Period and an attractive valuation entry point (~11.6x P/E), the IPO may look attractive to risk seeking investors.

Disclaimer: Kissht IPO analysis is for informational purposes only and is based on restated financial data. Please consult a registered financial advisor before making any investment decisions.

Rajat Bhati has a strong technical background and 5 years of experience in the stock market. He focuses on equity research, technical analysis, IPO valuations, and risk management, helping investors make clearer, data-backed decisions. Today, he works full-time to educate people about the opportunities in IPO market.