Kissht, operated by OnEMI Technology Solutions, has received in-principle approvals from the BSE and the NSE for a Rs 832.2 crore preferential share issue, Product Growth reported on 21 October 2026. The consumer lender will issue up to 2.65 crore equity shares at Rs 314.11 per share, with 34 investors participating, including Axis Mutual Fund, HDFC Mutual Fund and WhiteOak. Seventy-five percent of the proceeds will go to its subsidiary Si Creva Capital Services to support lending operations, with the rest earmarked for general corporate purposes.
Capital follows clean, listed-ready lenders
The nod matters because it shows capital flowing to consumer lenders that can present a clean, exchange-approved story. A preferential issue of this size — Rs 832.2 crore from 34 investors — is effectively a late-stage private round structured for a company moving toward public-market discipline.
The raise lands in a week when regulation is reshaping the lending stack. The RBI's August 6 draft circular proposed banning revolving credit by NBFCs, and Bajaj Finance said it will launch new term-loan variants from 1 November that disallow withdrawals after repayment. Lenders that can raise at this scale while regulators tighten product design are the ones investors want to be in.
What comes next
The in-principle approvals are the first step; the issue still needs shareholder and regulatory completion before the capital flows into Si Creva's lending book. It is another data point in a strong year for startup funding in India, where fintech continues to attract institutional cheques despite tighter rules.
Why it matters for founders
For fintech founders, the Kissht raise is a template: institutional mutual funds will write big cheques into lending businesses, but only with clean books, a regulated subsidiary structure, and products that survive RBI scrutiny. If your lending model depends on revolving credit lines, the Bajaj Finance response shows the direction of travel — re-engineer now, before the circular hardens into a rule.