In Conversation with Ranvir Singh, Founder & CEO – Kissht | Episode

Added: 2026-05-30

[00:00:07]India's fintech sector is entering a new phase of evolution. One where scale alone is no longer enough. Today investors are increasingly rewarding profitability, governance, disciplined underwriting and sustainable growth.

[00:00:24]And in that backdrop, the successful public market debut of Kisht marks an important milestone not just for the company but perhaps for the broader credibility and maturity of India's digital lending ecosystem. From building AILE underwriting capabilities to scaling responsibly through a tightly regulated environment, the company's journey reflects how FinTechs are transitioning from disruption-led businesses into core financial infrastructure platforms.

[00:00:55]Joining us today for this very special conversation is Reanir Singh, founder and CEO Kisht to discuss the company's IPO journey, the future of digital credit, investor confidence in fintech and what lies ahead for India's rapidly evolving lending landscape. Thank you Reanir for taking time out and joining in. So much to unpack. First up, congratulations on that stellar listing.

[00:01:20]Let's dive straight in because there was that overwhelming response that we saw to the IPO from global investors from domestic mutual funds. What do you think they really understood about the business and the fundamentals of KISH that the broader market is just about grappling with still?

[00:01:36]>> So thank you for having me first of all really appreciate it. I think uh couple of things should be said about it. First of all, there was a very good wider set of participation from different class of investors. Not only the institutional investors but also the retail and HNI.

[00:01:52]If you look at the subscription numbers, they came actually in big numbers. Now in terms of what really really enamored them, I think couple of things which should be said. Uh first and foremost, uh demonstrated track record on economics over the last many many years.

[00:02:09]I think that was the biggest biggest reason despite having many business cycles not only co I'm also talking about you know what has happened post that >> being able to come unscathed and yet deliver both on the risk and also on the profitability is something which actually uh which actually was appreciated that's my understanding uh second I would say is there were very very nuanced discussion which we had with many investors where they were wanting to understand what is our unique proposition more so when we are operating in a space where it is happening in a very digital manner. So being able to you know communicate that people able to understand that I think that's the other reason why we have got such a overwhelmingly uh strong response.

[00:02:50]>> Absolutely. Like you said the track record really speaks for itself and the fact that you are the first pure play digital lending platform to successfully enter the public markets really speaks volumes and I think uh it it says a lot about the Indian financial ecosystem as well. Do you think that we've hit a maturity level or a turning point in the overall financial ecosystem in India?

[00:03:12]>> Oh, absolutely. I think we are at the turn and cusp of seeing that maturity level. But having said that, I should also say that we have just scratched the surface.

[00:03:20]>> The opportunity that one has to go after the opportunity which the Indian market bestows is massive much much bigger than whatever we may have created not only as a company in particular but as a ecosystem in general. So as much as it is a turning and a cusp point, it is also a point which basically is a harbinger for much much bigger things to come in future.

[00:03:42]>> That sounds very exciting and we'll get to that. But uh the fact is that the company has managed to scale to 63 million registered users and this is at a time when we're looking at the overall landscape being very strictly regulated.

[00:03:55]What do you think enabled you to overcome those regulatory hurdles and build this kind of a user base? So first of all, we never saw regulatory hurdles and regulatory hurdles. That's the first thing. I mean, I have personally believed and I have always said RBI, we see this as a guardian of honest and fair play in Indian market.

[00:04:13]>> And I think they have shown a different level of iron will >> in terms of ensuring there's a degree of prudence, there's a degree of responsibility managed by all the players in the market.

[00:04:23]>> Now, if that's the mindset you go with, you never take compliances as something that you have to skirt around. But in fact you see this as something that you have to not only adhere but be actually holier than thou uh not only in letter but also in spirit and that's the view that we have taken not from today but literally from the time when you know DG guidelines came which came almost three three and a half years back uh there were a slew of initiatives again which has actually helped the market in a very positive manner brought a degree of systemic and a structure around it >> and I think just taking those in the right spirit and implementing it making sure we are we are right on top when it comes to anything which is C or anything which is compliance I think has kept us in the right frame of mind as far as uh RBA related uh you know compliances are concerned >> yeah and that's interesting the fact that you're saying this you know you took the compliance in the right spirit because a lot of the other players slowed down at a time like this and you managed to scale ahead which is quite commendable and also the the narrative has changed quite a bit in the last few years instead of a fintech company's growth with growth grow at all costs.

[00:05:29]Now it's focus on sustainability, focus on profitability. Um how did you manage to at stay ahead of the curve?

[00:05:38]>> So uh I mean you said it there are actually three components which are worthwhile pointing out. First and foremost because we started the regulation compliance people slowed down etc etc. Let me just lay out again I'm reiterating it just taking compliance in the right spirit which basically means it is not some of the it is not one of those afterthought that you try to adhere to after you have done every other thing absolutely not it is as much ingrained and uh quite in inextricably interlin in the business model as any other element of the business model so that's number one that mindset is important not only mindset here you have to you know walk the talk which would mean making the right investment making changes in the processes etc etc from a compliance standpoint but more than compliance I think uh the biggest reason why we could uh you know sail through this period is at the end of the day what you are offering to the customer is truly truly unique.

[00:06:29]>> I mean if you look at it what we have created is a journey to a customer of taking a loan which is as responsible as it is dignified.

[00:06:39]um you know as they go through the journey we end up collecting a lot of information only to ensure that good creditw worthy customer gets a loan and basically creating this kind of you know uh offering which actually acts as a magnet which actually acts as a way to uh way for them to be loyal with us uh goes a long way. So that's the second bit I would say. Last but not the least, I mean lending business is a combination of many many other aspect as well which includes collection, which includes liability management, which includes uh ensuring that uh we are just uh at the right uh we are looking at all the risk metric prices in the right way. We are putting the technology investment in the right way so on and so forth and that's the third aspect which has helped us uh stay stay focused and be ahead.

[00:07:19]>> Yeah. and you've stressed upon the fact that you've taken compliance in the right spirit and the overall journey really has spoken for itself and given the fact that the IPO saw this very strong subscription from institutional and non-institutional players that says a lot. Do you think it's now validating the thesis that digital credit is now becoming a core part of India's financial system rather than just a trend? Oh absolutely and I would go to the extent of saying the thesis of digital credit is core should not be seen from a lens of a validation they have gotten from stock market of course which is a very very good thing it should be seen in a far more holistic manner I mean the reality of the place is that if you look at lot of people who are taking digital loans I mean myself uh if I just talk about my company 11.2 2 million unique customers who have taken a digital loan. By no stretch of imagination, this is a small number. It is actually very very core and just being at the center at the fulcrum of you know Indian ecosystem. So I would say that definitely is a big big uh uh you know reason one to say that this is right at the center. Not only that, usually when we talk about digital credit, we only talk about unsecured PL, but there are whole host of other areas where the the advent of digitization or the technology is only going to make a much bigger difference. I also do loan against property. I think the way we are doing loan against property is not the standard garden variety plain vanilla loan against property. Here the focus has been to do it in a very very digital manner. So the customer doesn't have to go through the yeah go through the you know pain point of um going through a very rigorous manual process. So I'm saying these are these are more snippets right now but have a potential to become a much much bigger themes and hence I would say this as yeah it is indeed digital credit is going to be a very very core part of the Indian financial ecosystem.

[00:09:09]>> That's uh really going to work in your favor and of course open up opportunity for a lot more. Um but tell me what has changed internally now that you are a listed company a successfully listed company at that what changes in terms of the pace of ambition execution organization give me a sort of an inside view.

[00:09:29]>> No no thanks for asking this question but let me say with all you know truthfulness and humility that nothing must have changed.

[00:09:36]>> Okay.

[00:09:36]>> And the reason being uh see at the end of the day we are committed to delivering a business model. that business model was the same which we had before IPO versus post IPO. Of course, uh doing an IPO gets a fresh lease of capital. Not only a fresh lease of capital, there's a different uh degree of respect you get from your external stakeholders and uh that allows you to you know play or or put the business model in the right manner. So since then I think the kind of connect we have had uh with our lenders with our other partners is of course at a very heightened level. Of course we will leverage on that. Uh that just is a very very positive thing. But uh from a point of view of you know putting our head down and delivering on what we have started uh uh you know as a journey uh nothing much has changed.

[00:10:22]>> You're being very modest but yes >> I'm as honest as the day is long.

[00:10:26][laughter] >> No I I I like that you said that. Yes.

[00:10:28]Of course, this fresh lease of capital is what you've been given and the overall perception does change and the fact that you have managed to build this large scale AI and data underwriting engine over the years. How do you see you know technology and leveraging AI playing its role in the industry that you operate and how does it change the game?

[00:10:49]>> No. So, first of all, I should say you're talking to somebody who has a very very high degree of conviction and belief.

[00:10:55]>> Yes. and confidence when it comes to using AI and data and this is not something which is innate in nature. It is more an acquired one. When I say an acquired one, if I look back the journey of the last five years and really look at cycle after cycle, >> Mhm.

[00:11:11]>> every cycle has proven anything which is driven by machine from a underwriting standpoint basically driven by data analytics and rules and machine learning right has always performed far superior.

[00:11:23]It is not my own conviction but or my own personal conviction. It is the evidence of data which makes it very evident for all to believe that it is the AI ML le underwriting and the processes which are going to make a world of difference.

[00:11:39]Having said that there's a huge amount of investment we have done in the past even now the capital that we are raising there's a sizable capital we are raising only to invest further in the technology be at the forefront be at the cutting edge bleeding edge of you know uh any and every new AI thing it's a very fast pace very dynamic space but it also throws huge opportunity for player like us to further sharpen our our uh offerings >> okay that's good to know the fact that you have this high degree of conviction you've spoken a lot about technology as well in your answer. So this is clearly the future. Now while we do have very strong digital adoption in India, I think that the credit penetration remains fairly underdeveloped. Um how do you believe this opens up an opportunity for a company such as Kisht?

[00:12:24]>> So absolutely see if I see the big market there are big three big drivers for us. uh I mean the market that I'm targeting >> mh >> first and foremost because the India GDP is increasing everything is going up you know consumption is happening uh investments in business is happening for which the credit is required and that's the number one uh piece number two I would say is the credit penetration uh historically it has been much much slower compared to any western economies with every passing day that gulf or the bridge is only getting smaller but uh yet there is a yawning gap between you know where some of the western markets are versus where we are so we are all heading toward towards that. But uh the third aspect is uh you know beyond these two most of these existing credit or the future credit the share of digitization is just increasing.

[00:13:12]>> So it's not only the credit credit is a big opportunity but it is going in a digital way and the combination of these three things which are almost acting in a very compounding manner to me >> threelevel compounding which is throwing a big opportunity for me.

[00:13:24]>> I think the immediate implication for me is to keep our head out shoulder. It is a big big market. It can it can actually entice you, lure you to do things which perhaps can be categorized as missteps.

[00:13:36]Uh we have to be very very balanced on you know the core thing that we want to offer and continue to deliver a good performance on the risk side rather further improve it which becomes an important imperative for us.

[00:13:48]>> Okay, that's good to know. And given that now we're seeing the public markets evaluating these fintech companies a lot more deeply, what are the metrics that you believe truly matter today for a digital lending platform?

[00:14:01]>> I think uh there's no one single metric which will st stand out. So it's always a combination.

[00:14:07]>> I think uh but let me quickly lay out what I mean that as a combination >> uh you know first and foremost of course uh your ability to discriminate on the risk side. So how some of your risk numbers, credit cost, G&P, NNPA all those things become the whole cohort of those metrices become very very important. I think after we have moved from there I think the second most important thing is what you deliver as ROA and ROE because one thing to say that Indian market is hugely underpenetrated and hence you know there's a big opportunity quite another to translate that into into financial performance which is almost uh you know mirroring that which then translates into you know you being able to deliver an ROA and ROE that's the uh second cohort of metrices which becomes important last but definitely not the least is at the end of the day it's a very customerf facing role so the number of customers you have got, how many you acquired, how many stay with you, what is the loyalty, how longer uh term relationship you have. Those are those are another set of metrices which becomes extremely critical.

[00:15:05]>> Okay, it's important to get all of those metrics from you given that you're so deeply entrenched in the space and also the founders themselves invested significantly in the IPO. What kind of a message were you trying to send out to the shareholders?

[00:15:19]>> I think there were three reasons we did that. One is of course uh the messaging part which is uh only helps right if somebody who is running the business and is a promoter and is ready to commit where the ready to commit his money where his mouth is makes a world of difference that's one but I should humbly agree that there was also mercenary instinct in putting the number uh we just thought it is a good value to come in and uh almost create a huge value uh you know going forward so so that's the second bit uh so those were the two big factors. There were other reasons also because uh we whatever liquidity we could manage uh we could put in there and we just thought it's a good use of capital as against trying to put somewhere else.

[00:16:01]>> Okay. Good use of capital and of course the value that you bring. Um so let's talk about the future over the next 3 to 5 years. What is the vision for KISH?

[00:16:12]>> So I think we have mentioned I'll reiterate it but maybe I'll give the final nuances. There are three things which are very critical for us. First and foremost, being the first one to being in the being in the public market, we want to going forward create a leadership position for oursel in the segment that we operate in. And we believe the only way this leadership position can be attained by not only doing more lending products but many more non- lending products as well. And that's the core core and the crux of what we will focus on over a period of 3 to 5 years.

[00:16:41]Second uh there is we have committed ourselves to a set of numbers that we will deliver. These are risk numbers.

[00:16:50]These are profitability numbers. Uh there's a very high degree of confidence that we run with that we will not only deliver but we will overd deliver. But more importantly just you know making that thing happen uh is something which is a big priority for us. There are few things which are helping us to begin with because for example the operating leverage in our business is huge. just to realize the operating leverage over the next few years will become an important rather a very cardinal part of our execution strategy. There's a huge huge operating leverage in the business.

[00:17:19]Similarly, which is also leading to a uh reduction in you know the improvement in risk and things like that. Last but not the least at the end of the day the ticket to play for us is only because we have been able to create an edge on the back of technology.

[00:17:32]>> Yeah. And within technology I think the specifics of machine learning and AI here I'm talking about generative AI advanced AI it is a space where I think every two months things are changing dramatically and being at the forefront continue to put investment being uh we want to be one of the biggest biggest adopter when it comes to using AI across the business model and when I say across the business model it is not only for underwriting and risk management but also in collection in customer servicing in whole host of you know driving loyalty as far as customers uh are concern concerned. So those three will become priority for us.

[00:18:05]>> Okay. And when you look back at your journey from McKenzie to building Kisht, uh can you tell us one leadership lesson as you've scaled this technology-led financial institution in the country?

[00:18:17]>> Okay. I would say there are many lessons but let me uh one that stands out or a few that stand out.

[00:18:22]>> Oh no, absolutely. I think um one big leadership lesson is about uh understanding the customers >> and in a way using that to galvanize the team around you. A lot of people have this belief that you can be sitting in the confines of conference room and you can have that insight. Absolutely not.

[00:18:45]Never rather it can only come through two three time tested way. One is of course you know looking at the data.

[00:18:54]It's quite a pity that in India despite all the data availability I would rather say humbly without criticizing anybody that data is not seen in the right way.

[00:19:02]It's just not uh >> uh there's so much of data lying around to just understand customer preferences.

[00:19:07]Second is of course you can only get it by talking to people talking to the customer etc etc. So all the research etc on the ground because the reality can be very different than what a data may show. But you know more importantly how does it translate into leadership uh lesson is some of these thing has to galvanize in uh into creating you know have the team uh sharing the same vision and passion which is the customer orientation because if you have that you are able to create the right platform for people to come in perform. I mean it gives me an immense pleasure to know that uh there are a lot of people who started with us for the role that they were playing in the beginning versus the role that they have played later. Only reason they could good uh could do that because they have the right platform and pedestal and many times uh the the leadership relation which comes to me is that if you give those right platform to people they are capable of doing wonders >> and that's why having a having a culture which is very empowering which is uh giving the freedom to people to to do what they want to do makes a world of difference.

[00:20:07]>> Absolutely. Having the passion and the vision of everyone and like you said getting to know your customer inside out. What a pleasure it's been interacting with you. Thank you so very much Andir for taking the time out.

[00:20:17]>> Thank you for having me again. Thank you.

[00:20:20]>> Well, what really emerges from this conversation is that India's fintech story is evolving beyond customer acquisition and rapid scale. The next chapter will be defined by trust, governance, intelligent underwriting and long-term customer value. And as digital credit becomes increasingly embedded into India's broader financial ecosystem, companies like KISH could play a significant role in expanding formal access to credit across the country. Thank you to all our viewers for joining in on this special discussion.