OnEMI Technology Solutions, the parent entity of consumer-lending platform Kissht, has submitted its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Kissht IPO comprises INR 1,000 crore fresh issue and an OFS of 88,79,575 equity shares. The company, headquartered in Mumbai’s Kurla business district, is promoted by Ranvir Singh and Krishnan Vishwanathan, and operates through its lending arm Si Creva Capital Services.
The company has built a robust tech-driven underwriting and collections platform catering to personal loans (PL) and loans against property (LAP), primarily targeting new-to-credit and underserved customer segments.
Utilisation of Funds
- INR 750 crore to augment the capital base of subsidiary Si Creva Capital Services.
- Balance to be deployed towards general corporate purposes.
This capital infusion is critical to scale Kissht’s NBFC operations and strengthen lending capacity in a competitive market.
Kissht IPO Selling Shareholders
Several existing investors will partially liquidate holdings through the IPO:
| Selling Shareholder | Shares Offered |
|---|---|
| Ammar Sdn Bhd | 20,89,584 |
| Vertex Ventures SEA Fund III Pte. | 14,31,782 |
| Vertex Growth Fund Pte. | 12,53,751 |
| Vertex Growth Fund II Pte. | 12,53,751 |
| Ventureast Proactive Fund II | 10,65,322 |
| Endiya Seed Co-Creation Fund | 9,67,463 |
| VenturEast Proactive Fund LLC | 4,78,019 |
| AION Advisory Services LLP | 2,50,750 |
| Ventureast Proactive Fund | 86,937 |
| VenturEast SEDCO Proactive Fund LLC | 2,216 |
This OFS reflects a partial exit for VC and PE backers while retaining some stake in Kissht’s long-term growth story.
OnEMI Technology IPO: Financial Performance
| Particulars | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 984.46 | 1,674.45 | 1,337.47 |
| Total Expenses | 977.55 | 1,432.86 | 1,136.42 |
| Profit After Tax (PAT) | 27.67 | 197.29 | 160.62 |
| EPS (Diluted) | 2.50 | 15.54 | 12.79 |
- Revenue Growth: Strong surge in FY24, slight moderation in FY25 due to higher credit provisioning and finance costs.
- Profitability: PAT grew nearly 7x from FY23 to FY24, showcasing operational leverage. FY25 remained profitable despite sector headwinds.
- Margins: Impairment costs remain a critical variable, reflecting the risks inherent in unsecured lending.
Business Model & Strengths
- Technology-Driven Underwriting – proprietary algorithms assessing the creditworthiness of new-to-credit customers.
- Diverse Product Portfolio – PL and LAP catering to salaried and self-employed segments.
- Collections Infrastructure – mix of digital-first and on-ground channels to optimise recovery.
- Strategic Partnerships – alliances with NBFCs and banks to ensure liquidity and lower borrowing costs.
Risks & Challenges
- Credit Risk – High provisioning levels (INR 326.8 crore in FY25) highlight portfolio sensitivity.
- Regulatory Environment – Fintech lending models are under close RBI scrutiny.
- Competition – Intense rivalry from KreditBee, MoneyTap, PaySense, and traditional NBFCs.
- Funding Costs – Rising interest rates and dependence on external borrowings could pressure spreads.
Market Context
The IPO comes at a time when India’s digital lending market is projected to reach USD 350 billion (~INR 30.44 lakh crore) by FY26, driven by financial inclusion, UPI penetration, and growing demand for personal credit. Kissht’s focus on underserved urban and semi-urban consumers positions it well, though profitability and sustainability will be key.
Conclusion
Kissht IPO filing signals the maturation of fintech lenders into public markets. While FY25 showed moderation, the three-year track record demonstrates resilience.
- Positives: Strong brand recall, profitable growth, robust underwriting model.
- Negatives: High credit costs, competitive pressure, reliance on Si Creva’s capital adequacy.
If everything is executed well, OnEMI Technology IPO could attract strong demand across QIBs, HNIs, and retail investors, and potentially set a benchmark for other fintech IPOs in India.
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