Kissht IPO

Its total lending assets (the total loans it has given out) have grown really fast, from ₹1,267.93 crore in March 2023 to ₹4,086.64 crore by March 2025. That’s a strong yearly growth of 79.53%. In simple terms, more people are borrowing from it, and the company is clearly able to handle that growth without losing pace.

The company’s profits have also picked up nicely, rising from ₹27.67 crore in March 2023 to ₹160.62 crore in March 2025. Its return on equity, or ROE (how well it uses shareholders’ money to generate profit), reached 17.74%. That’s a good sign it’s using its funds efficiently and not just growing for the sake of it.

By December 2025, it had built a large base of 6.37 crore registered users and served 1.11 crore borrowers. What stands out is that about 50.62% of its loan book comes from repeat customers. That usually means people trust the platform, and it also reduces the need to spend heavily on acquiring new users.

Even though it lends to customers who may not always have perfect credit histories, it has managed to keep defaults under control. Its gross default rate (total bad loans) was 2.90%, and net default rate (after recoveries) was just 0.38% by December 2025. It has also kept aside 86.88% as provisions (a safety buffer for potential losses), which adds an extra layer of comfort.

To fund its lending, the company borrows from 47 different financial institutions. This helps it avoid depending too much on any one lender. Its debt-to-equity ratio (how much it borrows compared to its own funds) stands at 1.63 times, which is fairly manageable and shows balanced use of debt.

The company relies heavily on technology to run its operations. Its systems use smart algorithms (automated decision-making programs) to handle loan approvals and checks. Because of this, it was able to instantly approve 73.54% of repeat customers during April-December 2025. This keeps costs low and reduces the need for a large on-ground workforce, making the whole process faster and more efficient.

Getting money back on time is critical in lending, and the company seems to be doing well here. With a mix of automated systems and a dedicated team, it achieved a 96.95% collection efficiency (how much of the due money it actually collected) for loans due within 30 days by December 2025.

A big chunk of its loan book, about 94.23% or ₹5,612.28 crore, is made up of unsecured personal loans. That simply means these loans are given without any collateral like property or gold. The risk here is clear. If the economy slows down, recovering this money becomes tough, and losses can rise quite sharply.

Nearly half of its loan book depends on partnerships with other financial institutions. By December 2025, 48.87% of its loans, worth ₹2,910.62 crore, were funded this way. Since these agreements are not exclusive, partners can exit anytime, which could disrupt operations.

A large part of its lending is concentrated in southern and western India, contributing 35.00% and 26.47% of its assets. This kind of geographic concentration can be risky. If something goes wrong in these regions, like an economic slowdown or even natural disruptions, it could directly impact collections and overall revenue.

The company focuses on young, mass-market borrowers. Around 4.72% of them have credit scores below 700, which usually indicates weaker creditworthiness (ability to repay loans). These customers are more sensitive to job losses or income shocks, which increases the chances of defaults across the portfolio.

All of its actual lending happens through its subsidiary, Si Creva. So, the entire business is tied to how this one entity performs. If the subsidiary faces regulatory issues, loses its license, or struggles to raise funds, it could seriously disrupt the company’s overall operations.

The company has been seeing negative cash flow from operations, which means its core business is not generating enough cash. It reported a deficit of ₹137.76 crore by December 2025 and ₹661.43 crore in March 2025. If this continues, it could struggle to fund its daily operations without relying heavily on external funding.