Kissht adds PB Fintech co-founder, AB Fashion CEO to board ahead of IPO
Kissht, the online credit platform, appointed Sangeeta Pendurkar, the founding partner of PB Fintech Ltd, and Sangeeta Pendurkar, General Manager of Aditya Birla Fashion and Retail Ltd, as an independent director at the board of the public market list.
The start was applied to a public limited company for transformation and until the end of July, two people who have directly information about the development of the draft red herring plan for the first public offering, said Mint.
One of them, “the company also has more independent directors, especially those with banking or financial history,” he said.
The second person said that KisHTT was working with JM Financial, SBI Capital Markets Ltd and two other bankers to lead the IPO. The company had previously discovered other bankers, but negotiations fell. Mint was the first person to report Kissht’s plans to apply for pre -IPO documents to collect approximately $ 225 million.
Kissht did not answer the queries sent by E -mail on Monday. JM Financial and SBI capital markets did not immediately respond to Mint’s queries.
Kiss’s public offering is closely monitored because of the business model. Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Fintech starts unsecured loans in three segments: consumer loans, purchasing financing (including Partnerships with Amazon and Flipkart) and credit for micro, small and medium -sized businesses.
In 2022, Kissht collected approximately 80 million dollars from Vertex Growth and Brunei Investment Agency with a value of approximately $ 344 million.
A public offering resurrection
KISSHT’s public market list plan is hesitant in India’s public offering line.
Other digital lenders such as Navi, Moneyview and Kreditbee assigned bankers for a public offering in 2023 and 2024, but delayed the process due to regulatory review and increasing market volatility.
However, the sense of public market seems to be stable. In recent weeks, home and furniture company Wakefit, Fintech Startup Pine Labs and Curefoods India has applied to DRHPS to the Indian securities and stock exchange Board. Navi, Moneyview and Kreditbee also revived their public offering plans.
During the June Derivative Series, India Vix, which was an indicator of market volatility, fell from 24.18 to 14.15 and showed more stability.
Considering the regulatory warning around such models in the field of unsecured credit, it will be especially monitored, considering a factor that affects special financing and values for companies in this field.
Last year, the Indian reserve bank tightened the supervision of digital loans with new instructions for the first lost guarantees, joint lending partnerships and inter -spousal loans, as well as others. These changes have increased compliance costs and forced business model changes for several non -banking financial companies.
KISHT’s assets under management increased La2,669 crore in 2023-24 LaThe previous year 1.319 Crore, total income increased 3.4 times LaAccording to a crisis report, 1,700 Crore. The company has not yet applied financially for FY25.
