Kissht receives 3-year Amfi registration to distribute mutual funds

Digital lender Kissht is set to enter the mutual fund distribution business after its subsidiary, Invincible Minds, was registered by the Association of Mutual Funds in India (Amfi), marking its push beyond the credit business.

Kissht parent OnEMI Technology Solutions said Invincible Minds received an Amfi Registration Number on July 14. The registration is valid from July 13, 2026, to July 12, 2029. It allows the subsidiary to distribute mutual fund products, but not launch or manage mutual fund schemes.

OnEMI incorporated Invincible Minds as a wholly owned subsidiary on June 17 with an initial paid-up capital of Rs 9 crore. The company had said the unit would spearhead its expansion into non-lending businesses and allied financial services, in line with plans outlined in its initial public offering prospectus.


The move comes amid large digital investment platforms scaling credit products to diversify beyond broking and investments. Groww, India’s largest direct mutual fund distribution platform, has been doubling down on lending and margin funding. The brokerage's margin trading facility contributed 8% of its total income during the April-June quarter.

Angel One’s average client funding book, meanwhile, rose 46% year on year to a record Rs 6,140 crore during the same period.

Cross-selling opportunities
For Kissht, adding investment products could open cross-selling opportunities across its customer base. The company had 74.6 million registered users at the end of June, up 33% from a year earlier, and had served 12.25 million customers.

In a provisional business update released earlier this month, OnEMI said its assets under management rose 61% year on year to Rs 8,001 crore as of June 30. Loan disbursals increased 37% to Rs 3,812 crore during the first quarter of financial year 2026-27, while assets under management grew 13% sequentially.

The lender has also been diversifying within credit by expanding secured products. Loans against property accounted for 7.7% of total assets under management at the end of June, compared with 2.5% a year earlier.

Founded in 2015 by former McKinsey executives Ranvir Singh and Krishnan Vishwanathan, Kissht began as a checkout financing platform before expanding into personal loans, business loans and loans against property.

OnEMI listed in May after raising Rs 850 crore through a fresh issue, with a large portion earmarked for its non-banking financial subsidiary, Si Creva.