Kissht Eyes IPO Despite Volatility, Reports Strong FY26

Kissht, a lending tech startup, is proceeding with its Initial Public Offering (IPO) despite prevailing market volatility and geopolitical tensions. The company is emphasizing its financial performance, robust anchor investor interest, and a refined lending strategy to ensure a successful debut on the stock exchanges.

Following a challenging FY25 impacted by regulatory changes concerning unsecured lending, Kissht adjusted its strategy. The company focused on slowing disbursements and prioritizing low-risk borrowers to maintain profitability. This tactical shift proved successful, with Kissht reporting a Profit After Tax (PAT) of ₹199.3 Cr in the first nine months of FY26.

A key component of Kissht’s IPO narrative is its significant Assets Under Management (AUM) growth. Between March 2024 and December 2025, the AUM surged by 2.2 times to ₹5,956 Cr. This expansion was facilitated by its in-house Non-Banking Financial Company (NBFC), which provides Kissht with greater control over underwriting, loan pricing, and collections, thereby enabling more effective risk management and operational efficiency.

Kissht is also diversifying its loan portfolio by scaling its loans-against-property vertical, which currently accounts for 5% of its revenue but offers long-term asset stability. The company is further deepening customer engagement by offering cross-sell products such as health insurance to its base of 11.17 million registered customers.

To attract institutional investors, Kissht has restructured its IPO. The fresh issue size has been reduced to ₹850 Cr, and the Offer for Sale (OFS) has been nearly halved. Notably, the co-founders invested ₹40 Cr in the company at a premium to the IPO price band, signaling strong promoter confidence. This strategic move helped secure ₹278 Cr from anchor investors, and the public issue saw a subscription of 24% on its first day.

In other financial news, Indian startups collectively raised $204 million across 19 deals last week, marking a significant rebound from the previous week’s $39 million. Fintech emerged as the top-funded sector with $57.5 million. Meanwhile, new-age tech stocks experienced a mixed week, with a cumulative market capitalization decline to $129.67 billion due to market headwinds. The government has also notified 100% Foreign Direct Investment (FDI) in insurance companies under the automatic route, aiming to attract long-term investment and technology transfer. UPI transactions saw a marginal monthly decline in April, though the average daily transaction value increased.