OneMI Files for IPO: Fintech Player to Raise ₹1,000 Crore, Existing Investors to Exit 8.9 Million Shares

Image Source: Zee Business

OneMI Technology Solutions Ltd, formerly known as OnEMI Technology Solutions Private Limited, has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI, marking its intent to go public. The fintech company, known for its lending-tech platform Kissht, plans to raise up to ₹1,000 crore through a fresh issue of shares, while existing shareholders will offload up to 8.9 million shares via an Offer for Sale (OFS).

This dual-track IPO structure positions OneMI as one of the most anticipated fintech listings of 2025, as it seeks to capitalize on India’s booming digital lending ecosystem.

Key signals from the DRHP filing

1. Fresh issue size capped at ₹1,000 crore
2. Offer for Sale includes up to 8.9 million equity shares by existing investors
3. IPO proceeds to be used for loan book expansion, tech infrastructure, and brand building
4. Company recently converted from private to public limited status
5. Listing expected on both NSE and BSE by Q4 FY26

Company overview: What OneMI does

OneMI operates Kissht, a digital lending platform that provides instant personal loans, BNPL (Buy Now Pay Later) services, and embedded finance solutions. The company uses proprietary credit scoring algorithms and alternate data to underwrite loans for underserved segments.

Its offerings include:

- Personal loans up to ₹5 lakh with minimal documentation
- EMI-based financing for consumer durables and electronics
- Health insurance-linked lending products
- Merchant partnerships for embedded credit

With over 10 million registered users and 150,000 merchants onboarded, OneMI has built a robust ecosystem that spans Tier 1 to Tier 3 cities.

Financial performance and growth trajectory

For FY25, OneMI reported:

- Gross disbursements of ₹3,800 crore, up 22 percent year-on-year
- Net revenue of ₹420 crore, up from ₹310 crore in FY24
- PAT of ₹78 crore, a 35 percent jump from ₹58 crore last year
- NPA ratio of 1.9 percent, well below industry average

The company’s profitability has improved due to better underwriting, reduced CAC (customer acquisition cost), and higher repeat usage among borrowers.

Use of IPO proceeds

The ₹1,000 crore raised through the fresh issue will be deployed across:

- ₹600 crore for expanding the loan book and capital adequacy
- ₹200 crore for upgrading AI-driven credit scoring and fraud detection systems
- ₹100 crore for marketing and brand visibility
- ₹100 crore for general corporate purposes

This capital infusion is expected to help OneMI scale its operations and compete with larger players like Lendingkart, MoneyView, and Capital Float.

Offer for Sale: Who’s exiting

The OFS component includes up to 8.9 million shares being sold by early investors and promoters. Key sellers include:

- Endiya Partners
- Brunei Investment Authority
- Co-founders Ranvir Singh and Krishnan Vishwanathan (partial stake dilution)

This exit allows early backers to monetize their investments while retaining minority stakes post-listing.

Market sentiment and competitive landscape

The IPO comes at a time when fintech valuations are rebounding, driven by regulatory clarity and rising demand for digital credit. Analysts expect strong interest from institutional investors, especially given OneMI’s profitable track record and scalable tech infrastructure.

However, risks include:

- Regulatory tightening around digital lending norms
- Rising competition from neobanks and embedded finance startups
- Dependence on unsecured lending

Final word

OneMI’s IPO offers a compelling opportunity for investors looking to tap into India’s digital credit boom. With a strong user base, improving margins, and a clear growth roadmap, the company is well-positioned for long-term value creation. The dual structure of fresh issue and OFS ensures both capital infusion and liquidity for early stakeholders.

Sources: Economic Times, Moneycontrol, Chittorgarh, CMA Knowledge, Compliance Calendar.