Digital Lender OnEMI Technology Solutions (Kissht) files DRHP for IPO

Mumbai-based OnEMI Technology Solutions that operates India’s digital lending platform (Kissht), a technology-enabled lender in India, primarily offering digital loans through its mobile application for various consumption and business needs, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise funds through Initial Public Offering (IPO).

The IPO, with a face value of ₹1, is a mix of fresh issue of shares up to Rs 1000 crore and an offer for sale up to 88,79,575 equity shares by Investors selling shareholders. The offer also includes a subscription reservation by eligible employees in the employee reservation portion.

The proceeds from its fresh issuance worth Rs 750 crore will be utilized for augmenting the capital base of its Subsidiary, Si Creva, to meet its future capital requirements arising out of the growth of its Subsidiary, Si Creva’s, business; and general corporate purposes.

The company, in consultation with the book-running lead managers, may consider a pre-IPO placement, aggregating up to Rs 200 crore. The pre-IPO placement if completed, the fresh issue size will be reduced.

Offer for sale consists of shareholders selling up to 2,089,584 equity shares by Ammar Sdn Bhd, up to 1,431,782 equity shares by Vertex Ventures SEA Fund III Pte. Ltd, up to 1,253,751 equity shares by Vertex Growth Fund Pte. Ltd, up to 1,253,751 equity shares by Vertex Growth Fund II Pte. Ltd, up to 1,065,322 equity shares by Ventureast Proactive Fund II, up to 967,463 equity shares by Endiya Seed Co-creation Fund, up to 478,019 equity shares by VenturEast Proactive Fund LLC, up to 250,750 equity shares by AION Advisory Services LLP, up to 86,937 equity shares by Ventureast Proactive Fund, up to 2,216 equity shares by VenturEast SEDCO Proactive Fund LLC.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Kissht commenced its operations in the year 2016, and provides swift, accessible and personalized credit solutions to support its customers throughout their financial journeys. It focuses on young individuals within the mass market segment, according to the 1Lattice Report, represents India’s emerging middle class and is aspirational, digitally connected and underpenetrated in credit access.

As of March 31, 2025, it had 53.23 million registered users and served 9.16 million customers, along with a Play Store rating of 4.6 stars based on over 1.00 million user reviews and a net promoter score of 91. It maintains a highly granular loan book with over 1.90 million active customers and ₹4,086.64 crore in assets under management (“AUM”) as of March 31, 2025.

In Fiscal 2025, its customers had an average age of 32 years and a median CIBIL score of 746. Further, during Fiscal 2025, 66.80% of its customers earned monthly incomes ranging between ₹25,000 to ₹75,000, and 64.97% of its customers resided in the top 50 cities in India.

According to the 1Lattice Report, Kissht is one of the few new-age digital lending players that is deploying “credit QR” based O2O customer acquisition model in India as of March 31, 2025.

It engages digitally active users through targeted campaigns on search engines, social media and affiliate platforms. Simultaneously, our offline-to-online (“O2O”) model uses “credit QR” installations at small merchant outlets to onboard customers on our mobile application. In Fiscal 2025, its network included over 27,734 active merchants facilitating credit QR-led customer acquisition. The API-first architecture of its mobile application allows it to integrate with the platforms, embedding its credit solutions into high-traffic marketplaces and expanding its presence within India’s growing embedded finance ecosystem. Further, it also acquired customers on the back of its brand presence in the market.

Kissht’s consolidated revenue from operations and profit after tax stood at ₹1,337.46 crore and ₹160.62 crore in Fiscal 2025. Kissht has delivered consistent growth in its AUM from ₹12,679.28 million as of March 31, 2023 to ₹40,866.38 million as of March 31, 2025, growing at a CAGR of 79.53%. Further, the PAT grew from ₹276.67 million to ₹1,606.21 million, at a CAGR of 140.95% between Fiscals 2023 and 2025. This highlights the company’s effective revenue generation and cost management capabilities.

JM Financial Limited, HSBC Securities and Capital Markets (India) Private Limited, Nuvama Wealth Management Limited, SBI Capital Markets Limited, and Centrum Capital Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.