Kissht Parent's FY25 Profit Declines 18% To INR 161 Cr

OnEMi Technologies Pvt Ltd, the parent entity of IPO-bound fintech startup Kissht, saw its net profit decline 18.3% to INR 161 Cr in the fiscal year 2024-25 (FY25), as per a report by credit rating agency Crisil Ratings.

In contrast, the startup clocked a net profit of INR 197 Cr in FY24.

The note, dated July 4 for the company’s NBFC arm Si Creva Capital Services Private Limited, read that OnEMI’s income declined 20.4% to INR 1,353 Cr in FY25 compared to INR 1,700 Cr in the year ago period.

The ratings agency attributed the decline in the consumer lending startup’s bottom line and top line to a one-time write-off on account of the discontinuation of a “short-term loan product”.

“… Profitability got impacted in fiscal 2025 (FY25), with profit after tax of ~INR 161 Cr and RoMA (return on managed assets) of 4.4%. The impact is largely pertaining to the one-time sizeable write-off taken by the company in the first quarter of fiscal 2025 as it discontinued (a) short-term loan product. Going forward, the company’s ability to maintain healthy profitability while achieving scale, will remain monitorable,” read the note.

Crisil Ratings also underlined that disbursements by OnEMi moderated to INR 9,776 Cr in FY25, including on-book disbursements of INR 7,422 C and off-book disbursements of INR 2,354 Cr, against INR 18,527 Cr in FY24. The note attributed the decline to the fintech entity’s focus on longer tenured and higher ticket size loans.

Despite the drop in disbursals, the company’s assets under management (AUM) grew to INR 4,129 Cr in FY25, up 54.6% from Rs 2,670 Cr in the year ago period. As of March 2025, loans, with a tenure of six months or higher, accounted for 99.5% of the fintech startup’s total AUM.

Meanwhile, Crisil Ratings also flagged that OnEMi witnessed a rise in delinquencies in FY25 due to the aforementioned write-offs and the internal push for long-tenured loans.

“During fiscal 2025, the group witnessed moderation in its asset quality metrics with its 90+ day past dues (dpd) inching upwards to 2.9% as on March 31, 2025, as compared to 1.95% as on March 31, 2023. The rise in delinquencies has been primarily on account of (the) rise in share of longer-tenured personal loan book, having a write-off policy of 180+ dpd…,” read the note.

The ratings agency also noted that OnEMI had unencumbered cash and cash equivalent of INR 143.7 Cr as of March 2025, which would be “enough to cover around one month of repayment”.

“Additionally, the group’s average monthly collections stood at over Rs 400 Cr over the last six months. Crisil Ratings also understands that Si Creva will not do any incremental disbursements unless it has adequate resources to service maturing debt obligations in the near term; this will remain a key monitorable,” added the report.

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht is a lending tech platform that claims to offer access to personal and business loans of up to INR 5 Lakh with minimal documentation digitally. Kissht also offers health-related insurance products.

Backed by the likes of Endiya Partners andBrunei Investment Authority, the fintech startup has raised more than $142 Mn in funding to date. It locks horns with the likes of Moneyview, Lendingkart, Capital Float, FlexiLoans, and KredX.

The report comes at a time when the fintech startup is gearing up to list on the bourses. If reports are to be believed, the startup is eyeing a $225 Mn IPO, and has roped in ICICI Securities, UBS Securities, and Motilal Oswal as bank to helm the public issue.

As part of this, the startup’s shareholders last month passed a resolution to convert the company into a public entity. In the run up to its listing, the startup has appointed Alok Bansal (PB Fintech cofounder) and Sangeeta Pendurkar (Aditya Birla Fashion and Retail CEO) as independent directors to its board.

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