#KisshtIPO #OnEMI #FintechIndia #DigitalLending #IPOUpdate #SiCreva
Mumbai: OnEMI Technology Solutions Pvt Ltd, the fintech company that operates the popular digital lending platform Kissht, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The proposed IPO will consist of a fresh issue of equity shares worth ₹1,000 crore and an offer for sale (OFS) of 88.8 lakh equity shares by existing investors, according to the DRHP filed on August 18.
IPO structure and investor participation
Promoters Ranvir Singh and Krishnan Vishwanathan, who jointly hold 30.89% stake in the company, will remain significant shareholders post-IPO. The OFS will be led by some of the company’s marquee investors, including:
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Sistema PJSFC
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Endiya Trust
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VenturEast
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AION Advisory
Together, these investors currently hold 46.33% of OnEMI and will be offloading part of their stake via the public offer.
The company has also kept an option open to raise ₹200 crore via a pre-IPO placement. Should this materialize, the fresh issue size will be reduced proportionately.
Use of proceeds
According to the DRHP, the company plans to deploy the proceeds as follows:
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₹750 crore will be infused into Si Creva Capital Services Pvt Ltd, the non-banking financial company (NBFC) subsidiary of OnEMI, to strengthen its capital base and support future growth.
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The remainder will be used for general corporate purposes, which may include technology upgrades, brand development, and expanding distribution networks.
Business and financial performance
Founded in 2016, OnEMI Technology has rapidly grown into a major fintech player, providing consumer credit, personal loans, and buy-now-pay-later (BNPL) solutions through Kissht. As of March 2025, the company reported:
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19 lakh active customers
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Assets Under Management (AUM): ₹4,086.6 crore (up from ₹2,604.2 crore in March 2024, marking a growth of 57%)
However, the company’s FY25 financial performance reflected the impact of a challenging lending environment:
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Loan disbursements: Fell 46.8% year-on-year to ₹9,857.8 crore
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Revenue: Declined 20.1% to ₹1,337.5 crore
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Profit after tax (PAT): Dropped 18.6% to ₹160.6 crore
Despite these headwinds, OnEMI highlighted its resilient customer base and scalable lending infrastructure, which it believes will support long-term profitability.
Kissht’s positioning in India’s fintech landscape
Kissht has built a strong presence in India’s consumer finance market, focusing on affordable, instant digital credit solutions for customers across metros, tier-2, and tier-3 cities. The company leverages data-driven underwriting models and partnerships with online and offline merchants to provide credit access to underserved segments.
Its NBFC arm, Si Creva, acts as a middle-layer financier, allowing OnEMI to manage credit risk more effectively while scaling loan distribution.
Industry analysts suggest that OnEMI’s IPO will be closely watched, as it represents one of the largest fintech offerings in recent years, following public issues by companies like Paytm, PB Fintech (Policybazaar), and Fino Payments Bank.
Merchant bankers on board
OnEMI has appointed a strong syndicate of lead managers for the IPO, including:
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JM Financial
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HSBC Securities
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Nuvama Wealth
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SBI Capital Markets
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Centrum Capital
These merchant bankers will manage the book-building process, institutional investor engagement, and regulatory compliance ahead of the public issue.
Market outlook
The timing of the IPO comes amid a period of mixed investor sentiment toward fintech companies. While the sector continues to grow rapidly on the back of digital adoption, increasing credit penetration, and consumer demand for flexible finance, profitability pressures and regulatory oversight remain challenges.
OnEMI’s strong institutional backing, including global investors such as Sistema, is expected to provide credibility and attract both retail and institutional interest in the IPO.
Conclusion
If successful, the IPO will not only provide OnEMI with fresh capital to expand Kissht’s lending ecosystem but also allow early backers to partially exit their investments. With its focus on affordable consumer credit and strong growth in AUM, OnEMI is positioning itself as a key player in India’s new-age digital lending market.
As the IPO progresses through regulatory approvals and roadshows, market observers will be keenly watching investor appetite, particularly given the mixed financial performance in FY25. The public listing could mark an important milestone for India’s fintech IPO pipeline in 2025.
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