Mumbai-based OnEMI Technology Solutions, the operator of India's digital lending platform Kissht, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking its entry into the capital markets through an Initial Public Offering (IPO). This milestone move marks a significant step for the fintech player as it seeks fresh capital to expand operations and strengthen its subsidiary's capital base.
Key Highlights of the IPO Filing:
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The IPO comprises a fresh issue of equity shares worth ₹1,000 crore and an offer for sale (OFS) of approximately 88.79 lakh equity shares by existing investors.
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The fresh issue proceeds will primarily be used to augment the capital of Si Creva, OnEMI's subsidiary non-banking financial company (NBFC), with an infusion of ₹750 crore earmarked for this purpose.
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The remaining funds from the fresh issue will be directed towards general corporate purposes.
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There is also a possibility of a pre-IPO placement aggregating up to ₹200 crore, which if completed, will reduce the size of the fresh issue accordingly.
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The IPO will follow the book-building process, with not more than 50% of the net offer allocated to Qualified Institutional Buyers (QIBs), while a minimum of 15% and 35% is reserved for non-institutional bidders and retail individual investors, respectively.
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The company's equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Company Background and Financial Snapshot:
OnEMI Technology Solutions was founded in 2016 and operates the Kissht digital lending platform, which provides swift, accessible, and personalized credit solutions targeted primarily at young individuals in India's mass market—a segment representing the emerging middle class that is digitally connected but underserved in credit access.
As of March 31, 2025, the company had 53.23 million registered users and served 9.16 million active customers with a granular loan book of approximately 1.90 million active borrowers.
The Assets Under Management (AUM) stood at ₹4,087 crore as of March 2025, reflecting robust growth in its loan asset portfolio.
Despite growth in scale, financial performance in FY25 saw certain contractions, with consolidated revenue from operations reported at ₹1,337 crore, down 20.1% from the previous year; net profit stood at ₹161 crore, a decline of 18.6%.
The fiscal year also experienced a reduction in disbursements by 46.8% to ₹9,857.8 crore from the prior fiscal year.
Ownership and Stakeholder Details:
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Promoters Ranvir Singh and Krishnan Vishwanathan hold a combined stake of 30.89%.
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Major investors including Temasek (via Vertex), Sistema PJSFC, Endiya Trust, VenturEast, and AION Advisory collectively own 46.33% and intend to participate in the OFS component by selling part of their shareholdings.
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Existing shareholders involved in the OFS include Ammar Sdn Bhd, various Vertex Ventures funds, Ventureast Proactive Funds, and others.
Investment Use and Strategic Intent:
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The infusion of ₹750 crore into Si Creva is targeted at bolstering the capital base of this middle-layer NBFC subsidiary to support future lending activities and regulatory requirements.
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The remainder of the proceeds will support OnEMI’s broader corporate goals and operational expansion.
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The potential pre-IPO placement would provide an additional funding tranche before the public offering, aimed at further fortifying the company’s financial position.
Lead Managers and Market Placement:
The IPO is being managed by a consortium of prominent merchant bankers including JM Financial, HSBC Securities and Capital Markets (India) Pvt Ltd, Nuvama Wealth Management, SBI Capital Markets, and Centrum Capital.
With plans to list on both BSE and NSE, OnEMI aims to leverage this capital market debut to enhance its market presence and investor base.
Summary:
OnEMI Technology Solutions’ decision to go public through an IPO signals its ambition to capitalize on India's burgeoning digital lending market, focusing on an aspirational and digitally savvy young customer base. The combination of a fresh equity issuance and OFS provides investors an opportunity to participate in a growing fintech platform backed by significant private equity and institutional stakes. Despite recent profitability and revenue pressures, the capital raise aims to reinforce the company’s financial health and enable expansion through its NBFC arm Si Creva, positioning it for future growth in a competitive ecosystem of digital credit providers.
This announcement on August 19, 2025, is set to attract attention in the Indian fintech space, with its strong backing and operational footprint making Kissht an IPO of interest in the coming months as it navigates regulatory scrutiny toward public listing.
Source: Economic Times, CNBC-TV18, Business Today, Moneycontrol, and PTI
