IPO-Bound Kissht's NBFC Arm Gets Crisil Rating Upgrade on Strong Growth

Why It Matters

The higher rating enhances Si Creva’s credibility, lowering funding costs and supporting a successful IPO, while signaling confidence in India’s digital‑lending model.

Key Takeaways

• CRISIL raised Si Creva rating to A‑/Stable.
• AUM grew 35% to Rs 5,533 crore in nine months.
• Digital underwriting and capital cushion drove upgrade.
• IPO aims raise Rs 1,000 crore for capital expansion.
• Upgrade bolsters investor confidence ahead of listing.

Pulse Analysis

Kissht’s recent CRISIL rating upgrade underscores the rapid maturation of India’s digital‑lending space. By moving from BBB+ to A‑/Stable, Si Creva demonstrates that technology‑driven credit assessment and a disciplined risk framework can deliver both scale and resilience. The firm’s AUM jump to over Rs 5,500 crore within six months reflects strong consumer demand for unsecured personal loans and validates its fully digital origination model, which reduces processing time and operational costs compared with traditional NBFCs.

The timing of the upgrade aligns with Kissht’s planned IPO, a move that could inject Rs 1,000 crore of fresh capital into the business. Higher credit ratings typically translate into lower borrowing costs and broader investor appetite, crucial for a listing that aims to fund Si Creva’s capital buffer and fuel further loan‑book expansion. Market participants will watch the offering closely, as it may set a benchmark for other fintech‑backed NBFCs seeking public market access while navigating India’s evolving regulatory landscape.

Beyond Kissht, the rating uplift signals a broader shift in the Indian credit market toward digitally enabled lenders. As traditional banks tighten credit and regulators emphasize responsible lending, fintech NBFCs with robust underwriting algorithms and transparent risk metrics are gaining traction. This trend is likely to intensify competition, prompting incumbents to adopt similar technology stacks. For investors, the upgrade offers a data‑driven validation of Kissht’s business model and a glimpse into the future trajectory of the country’s fast‑growing consumer finance sector.

IPO-bound Kissht's NBFC arm gets Crisil Rating upgrade on strong growth

PTI · Last Updated: Feb 17 2026, 06:59 PM IST

Digital lending platform Kissht, operated by Onemi Technologies, said on Tuesday that its NBFC arm Si Creva Capital Services has received a credit‑rating upgrade from CRISIL Ratings, reflecting strong business momentum and a healthy capital position.

CRISIL upgraded the company’s long‑term rating to A‑/Stable from BBB+/Stable, and raised the short‑term rating to A1 from A2+, Kissht said in a statement. The ratings on its non‑convertible debentures have also been upgraded.

“The rating upgrade reflects Kissht’s strong business momentum, improving profitability, and healthy capitalisation profile,” the company said.

According to the rating rationale, assets under management (AUM) rose to Rs 5,533 crore as of 30 September 2025, from Rs 4,087 crore as of 31 March 2025, driven by expansion in its unsecured personal‑loan portfolio.

CRISIL highlighted the company’s digital‑lending model, disciplined underwriting practices and strong capital cushion as key strengths underpinning the upgrade. The upgrade also underscores the strength of Kissht’s integrated digital platform, which delivers fully digital, technology‑driven credit solutions to consumers across India.

“This CRISIL rating upgrade is a significant milestone for Kissht and reflects the strength of our business model, our focus on responsible lending, and our commitment to sustainable growth,” said Ranvir Singh, Founder and CEO of Kissht.

“We remain dedicated to expanding access to transparent and reliable financial solutions while maintaining prudent risk‑management standards,” he added.

Last month, OnEMI Technology Solutions received the market regulator SEBI’s approval to raise funds through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of shares worth Rs 1,000 crore and an offer‑for‑sale (OFS) of 88.79 lakh equity shares by existing investors, according to the draft red‑herring prospectus (DRHP). Proceeds from the fresh issuance will be used to augment the capital base of its subsidiary, Si Creva, to meet future capital requirements and for general corporate purposes.