OT
OnEMI Technology
Mainboard₹926 Cr issue
+11.11%
Listing gain over issue price
Issue size
₹926 Cr
1 lot at cut-off
₹14,877
Lot size
87shares
Allotment
06 May 2026
Listing
08 May 2026
Listing performance
Issue price
₹171
Listed at
₹190
Listing-day close
₹208.63
Latest price
₹313.50
Listing gain
+11.11%
Return since listing
+83.33%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹18
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 May 2026 | ₹18 | +10.53% | ₹1,200 | ₹189 | ₹1,566 |
| 07 May 2026 | ₹27 | +15.79% | ₹1,800 | ₹198 | ₹2,349 |
| 06 May 2026 | ₹28 | +16.37% | ₹1,900 | ₹199 | ₹2,436 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 08 May 2026
- Face value
- ₹1 per share
- Issue price
- ₹171 per share
- Lot size
- 87 shares
- Total issue size
- ₹926 Cr
- Market cap at offer price
- ₹2,881 Cr
- Promoter holding
- 32.30% → 23.33% pre-issue → post-issue
- ISIN
- INE12F801023
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- 10 th Floor, Tower 4, Equinox Park, LBS Marg, Kurla (West), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,62,44,216 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 87 shares per lot, in multiples, at ₹171
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 87 | ₹14,877 |
| Retail (max) | 13 | 1,131 | ₹1,93,401 |
| S-HNI (min) | 14 | 1,218 | ₹2,08,278 |
| S-HNI (max) | 67 | 5,829 | ₹9,96,759 |
| B-HNI (min) | 68 | 5,916 | ₹10,11,636 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,62,44,216
Anchor portion
₹278 Cr
at ₹171 per share
Valuation and performance
Valuation at offer price
₹171 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.52 | 15.77 |
| P/E (×) | 12.65 | 10.84 |
| Price to book (×) | 0.91 | — |
| Market cap | — | ₹2,881 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 15.97%
- Debt / equity
- 1.50
- NAV per share
- ₹187.58
- Price to book
- 0.91
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About OnEMI Technology
OnEMI Technology Solutions Limited, operating as 'Kissht', is a technology-enabled lender in India incorporated as a private limited company on June 18, 2016, and converted to public limited company status on July 8, 2025. The company primarily offers digital loans through its mobile application for various consumption and business needs. As of March 31, 2025, Kissht had 53.23 million registered users and served 9.16 million customers with a highly granular loan book of over 1.90 million active customers. The company's Assets Under Management (AUM) grew from ₹12,679.28 million as of March 31, 2023 to ₹40,866.38 million as of March 31, 2025, representing a CAGR of 79.53%. The company earns revenue through lending operations, with 98.15% of AUM consisting of unsecured personal loans and 1.85% consisting of secured loans against property as of March 31, 2025.
Company Analysis
from DRHPKissht is a technology-enabled digital lender in India offering swift, accessible, and personalized credit solutions through mobile applications for consumption and business needs.
OnEMI Technology Solutions Limited, operating as 'Kissht', is a technology-enabled lender in India incorporated as a private limited company on June 18, 2016, and converted to public limited company status on July 8, 2025. The company primarily offers digital loans through its mobile application for various consumption and business needs. As of March 31, 2025, Kissht had 53.23 million registered users and served 9.16 million customers with a highly granular loan book of over 1.90 million active customers. The company's Assets Under Management (AUM) grew from ₹12,679.28 million as of March 31, 2023 to ₹40,866.38 million as of March 31, 2025, representing a CAGR of 79.53%. The company earns revenue through lending operations, with 98.15% of AUM consisting of unsecured personal loans and 1.85% consisting of secured loans against property as of March 31, 2025.
Digital LendingFinancial TechnologyRetail CreditNon-Banking Financial Services
Objects of the Issue
- Augmenting the capital base of subsidiary Si Creva Capital Services Private Limited to meet its future capital requirements arising out of the growth of the subsidiary's business ₹7,500.00 million p.22
- General corporate purposes p.22
- Augmenting the capital base of the subsidiary Si Creva Capital Services Private Limited, to meet future business requirements towards onward lending and general corporate purposes Up to ₹10,000.00 million (Fresh Issue) p.47
- Augmenting the capital base of our Subsidiary, Si Creva, to meet its future capital requirements arising out of the growth of our Subsidiary, Si Creva's, business ₹7,500.00 million p.117
- General corporate purposes [●] (not to exceed 25% of Gross Proceeds) p.120
- —
- Not specified in this section of the document
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹1 each aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹1 each aggregating up to ₹10,000.00 million
- Offer for Sale
- Up to 8,879,575 Equity Shares of face value of ₹1 each aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (Floor Price and Cap Price to be determined)
- Lot Size
- [●] Equity Shares (Bid Lot and multiples thereof)
- Face Value
- ₹1 each
Business Model
Kissht operates through a dual model combining on-book and off-book lending. On-book loans are disbursed through its subsidiary Si Creva Capital Services Private Limited and held on the company's balance sheet. Off-book loans are facilitated through partnerships with various third-party non-banking financial companies and financial institutions, generating revenue through spreads and transaction fees. As of March 31, 2025, 60.55% of AUM was on-book and 39.45% was off-book. The company monetizes its lending operations through interest income and charges on its digital platform.
Business Segments
Digital loans for personal consumption and business needs through mobile application
Secured loans offered against property collateral
Cumulative number of unique users who have signed up with the company using their mobile number
Aggregate of principal outstanding held in on-book loans as a percentage of total AUM
Principal outstanding held in off-book lending partner books as a percentage of total AUM
Direct lending by the company to customers through its own capital and debt financing
Lending facilitated through partnerships with NBFCs and other lending partners
NBFC-ML registered with RBI offering unsecured personal loans
Offered to salaried and self-employed individuals for various consumption and business needs including working capital, purchase of assets, tools and equipment, consumer durables, home renovation, online education and emergency requirements including medical expenses.
Offered to asset-owning MSMEs and salaried individuals seeking long-term loans for business expansion, working capital, debt consolidation and other personal requirements. Secured against residential and commercial properties.
Instant digital personal loans offered entirely through a digital process with zero paperwork and minimal documentation, available 24/7 across India without requirement for physical intervention
Secured lending product launched in the last quarter of Fiscal 2024, aimed at deepening engagement with existing customer base; as of March 31, 2025, 32.67% of LAP customers were registered users of the Company
Provides financial technology solutions enabling instant EMI/instalment solutions to consumers through digital platforms (Kissht and Pay with Ring); operates technology platform for these solutions; provides personal loans and loan against property services
Provides customer acquisition services and loan origination services to financiers and lending partners
We operate in a single business segment and there are no other separate reportable segments.
SWOT Analysis
Strengths
- • Rapid AUM growth trajectory(p.21)
- • Large registered user base and customer reach(p.21)
- • Granular, diversified loan book(p.21)
- • Technology-enabled platform(p.21)
- • Swift and personalized credit solutions(p.21)
- • Multi-channel customer acquisition strategy with 53.23M registered users(p.124)
- • Proprietary risk management models with high approval rates(p.124)
- • Strong capital adequacy ratio exceeding regulatory requirements(p.119)
- • Experienced co-founders with strong track record(p.124)
- • Diversified funding sources through on-book and off-book model(p.124)
- • Cloud-native, AI-built technology platform across lending lifecycle(p.124)
- • Large diversified customer base with 53.23M registered users and 9.16M customers acquired through multi-channel strategy(p.181)
- • Advanced proprietary AI/ML-based underwriting with 34 specialized sub-models and 400+ data variables enabling superior risk discrimination (4.95x default rate separation vs 2.10x for bureau scores)(p.182)
- • Highest profitability among peers with RoAA of 10.19% in FY2024 and highest PCR of 91.48% in FY2025(p.171)
- • Exceptional AUM growth CAGR of 79.53% (FY2023-FY2025) and PAT CAGR of 140.95%, demonstrating strong execution at scale(p.171)
- • Scalable cloud-native platform with 99.99% uptime, integrated LOS/LMS/ACS, and 298 engineers representing 23.32% of workforce(p.177)
- • Diversified funding model with 38 lenders, balanced on-book (60.55%) and off-book (39.45%) AUM, and healthy capital adequacy of 25.18%(p.185)
- • Market-leading brand with Sachin Tendulkar as ambassador and 4.6 Play Store rating with 1M+ reviews and NPS of 91(p.175)
- • Strong repeat customer base with 73.30% of AUM from repeat customers and efficient customer acquisition at ₹800-900 CAC(p.181)
- • Rapid advancement of AI/ML underwriting models enabling scalable credit decisions(p.189)
- • Significant portfolio quality improvement while scaling AUM(p.190)
- • Proprietary digital lending platform developed in-house(p.192)
- • Diversified funding sources and well-distributed lender base(p.196)
- • Omnichannel customer acquisition strategy including merchant partnerships(p.190)
- • High-quality data infrastructure with 53.23 million user training dataset(p.189)
- • Technology-driven and proprietary brand with celebrity endorsement(p.191)
- • Established Board governance structure with dedicated committees(p.233)
- • Comprehensive risk management framework with dedicated Risk Management Committee(p.236)
- • Established compliance and governance infrastructure with Company Secretary(p.239)
- • Strong financial position with significant growth in total assets(p.251)
- • Experienced senior management with technology and data analytics capabilities(p.239)
- • Growth in on-book AUM despite competitive pricing strategy(p.329)
- • Strong credit quality improvement with reduced bounce rates(p.329)
- • Expanded product offering with LAP introduction(p.329)
- • Significant off-book AUM growth(p.329)
Weaknesses
- • High concentration in unsecured lending (98.15% of AUM)(p.36)
- • Significant dependence on off-book lending partnerships(p.25)
- • Elevated leverage with debt-to-equity ratio of 1.50x(p.38)
- • Substantial corporate guarantees on subsidiary debt(p.39)
- • Regulatory compliance issues noted by RBI(p.40)
- • Increased Gross NPA rising from 0.79% to 2.89% year-over-year(p.128)
- • Rising cost-to-income ratio from 45.54% to 54.30%(p.128)
- • Dependency on subsidiary's capital adequacy for growth(p.119)
- • High leverage with debt-to-equity ratio of 1.50(p.128)
- • Declining profitability metrics with PAT down 18.6% YoY(p.128)
- • High GNPA of 2.89% in FY2025 (up from 0.79% in FY2024), indicating deteriorating asset quality amid rapid growth(p.178)
- • Rapidly increasing leverage with debt-to-equity ratio of 1.50 in FY2025 vs 0.97 in FY2024, constraining financial flexibility(p.178)
- • Significant concentration in unsecured personal loans (98.15% of AUM) creating portfolio risk if credit cycle deteriorates(p.172)
- • High cost-to-income ratio of 54.30% in FY2025 relative to established peers like Bajaj Finance (3.99%), indicating operational inefficiency at current scale(p.178)
- • Early-stage LAP business with only ₹755.14M AUM (1.85% of total) and limited branch network of 62 branches across 7 states/UTs(p.189)
- • Smaller scale with ₹40.87B AUM vs peers (Bajaj Finance ₹4,166.61B, Cholamandalam ₹1,847.46B) creating cost disadvantage(p.171)
- • High debt-to-equity ratio showing increasing leverage(p.196)
- • Declining interest service coverage ratio indicating tighter debt servicing capacity(p.196)
- • Rising average cost of borrowing reducing profitability(p.196)
- • Heavy reliance on branch-based lending for LAP product(p.191)
- • Concentration of operations in single vertical (fintech lending)(p.182)
- • Significant impairment losses on financial instruments indicating credit quality deterioration(p.252)
- • High leverage with substantial debt obligations relative to equity(p.251)
- • Declining profitability trend with profit for the year decreasing year-on-year(p.252)
- • High finance costs reflecting significant borrowing burden(p.252)
- • Declining loan portfolio quality with substantial provision requirements(p.271)
- • High finance costs increasing rapidly with leverage(p.329)
- • Increasing debt-to-equity ratio indicating rising leverage(p.329)
- • Significant upfront expenses from LAP expansion causing losses(p.329)
- • Decline in profit despite AUM growth(p.331)
- • Dependence on borrowings for AUM growth(p.329)
Opportunities
- • Large underpenetrated retail credit market(p.21)
- • Explosive growth in digital lending(p.21)
- • Expansion of personal loans and LAP market(p.21)
- • Customer base expansion and retention(p.30)
- • Platform innovation and technological advancement(p.30)
- • Expanding embedded finance ecosystem through API-first architecture(p.124)
- • Growing merchant network facilitating credit QR-led acquisition(p.124)
- • Augmenting subsidiary capital base to support business growth(p.119)
- • Leveraging benefits of public listing for brand enhancement(p.118)
- • Massive mass-market credit opportunity of ₹4.1T by FY2030 in digital/new-age lending at 48% CAGR vs conventional players' slower growth(p.180)
- • Mass-market retail credit opportunity growing from ₹31.9T (FY2025) to ₹77.4T (FY2030) at 19% CAGR, with PL+LAP growing 24% CAGR(p.180)
- • Underserved mass-market segment with 31% of households (FY2025) projected to grow to 37% by FY2030, historically neglected by conventional lenders due to product/data gaps(p.179)
- • India's household credit-to-GDP at 41.9% (FY2024) vs USA 69.2% and UK 76.3% signals substantial credit penetration headroom(p.178)
- • LAP market opportunity growing from ₹12.3T (FY2025) to ₹30.6-33.2T (FY2030) at 20-22% CAGR with NBFCs capturing share from banks(p.159)
- • Product expansion opportunity to build comprehensive financial services platform through insurance, wealth and savings products with existing 9.16M customer base(p.188)
- • RBI rate easing from 6.50% to 5.50% (Apr-Jul 2025) creating tailwind for consumer credit demand and improved funding availability for NBFCs(p.149)
- • Expansion of LAP business to deepen engagement with existing customer base(p.191)
- • Scaling merchant-led acquisitions across India(p.190)
- • Organic growth through digital marketing and brand optimization(p.191)
- • Expansion into embedded lending through e-commerce and fintech partnerships(p.191)
- • Pilot platform (Conexo) for sourcing retail loan products for other financial institutions(p.193)
- • Expansion of loan origination and financial technology platforms(p.255)
- • Growth in digital lending and EMI solutions market through technology platform(p.255)
- • Expansion of subsidiary business model through Si Creva Capital Services(p.248)
- • Strategic implementation of employee stock option plans for talent retention(p.235)
- • Large underserved mass-market segment for digital lending(p.317)
- • Residual tenure of AUM for future revenue realization(p.329)
- • Expansion of secured lending products(p.331)
- • Continued off-book portfolio growth opportunity(p.329)
Threats
- • Higher default risk in unsecured lending(p.30)
- • Regulatory and compliance risk from RBI oversight(p.25)
- • Mobile OS and app marketplace dependencies(p.25)
- • Prior app restriction by government(p.40)
- • Platform systems and infrastructure failures(p.30)
- • Termination risk of off-book lending partnerships(p.25)
- • Brand reputation and negative publicity risk(p.30)
- • Regulatory requirement to maintain minimum capital adequacy ratios(p.118)
- • Impact of interest rate fluctuations and market conditions on fund deployment(p.118)
- • Exposure to on-book lending portfolio concentration risk(p.124)
- • RBI's regulatory tightening on unsecured lending with increased risk weights and potential further restrictions on aggressive digital lending practices(p.159)
- • Rising credit risk and overleveraging among borrowers due to easy digital credit access and BNPL products, creating systemic risk(p.159)
- • Asset quality pressure and increasing default risks if macroeconomic conditions deteriorate or underwriting standards weaken across industry(p.159)
- • Intense competition in digital lending from established players (Bajaj Finance, NBFC peers) and new-age competitors (Fibe, Moneyview, KreditBee) compressing margins(p.163)
- • Risk of mis-selling, borrower exploitation and regulatory backlash from aggressive marketing and unclear loan terms in digital lending(p.159)
- • Dependence on digital marketing channels and aggregators for customer acquisition creating channel concentration risk and rising CAC(p.176)
- • Technology/cybersecurity risks as platform becomes larger target for fraud, data breaches and regulatory compliance violations(p.186)
- • Dynamic and competitive digital fintech lending market with new-age players(p.198)
- • Competition from listed players gradually adopting technology(p.199)
- • Regulatory restrictions on bank financing to NBFCs(p.210)
- • Potential regulations on digital lending practices and data collection(p.210)
- • Rising interest rates and cost of funds affecting profitability(p.196)
- • Lease dependency creating operational risk for office and branch locations(p.199)
- • Revenue decline indicating market challenges or portfolio contraction(p.252)
- • Deteriorating credit quality requiring massive loss provisions across portfolio(p.254)
- • Dependency on lending partners and customer acquisition channels(p.255)
- • Regulatory compliance requirements and RBI reserve mandates affecting profitability(p.279)
- • Concentration risk with limited geographic or product diversification(p.265)
- • Increased competition from digital-first lenders in mass-market segment(p.317)
- • Revenue pressure from competitive pricing needed for customer acquisition(p.329)
- • Macroeconomic sensitivity impacting portfolio quality and demand(p.317)
- • Rising credit costs and NPA exposure in growing AUM(p.316)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ranvir Singh | Promoter | 17,161,600 equity shares (on fully diluted basis: 22,522,600 equity shares; 17.50%) | — |
| Krishnan Vishwanathan | Promoter | 11,868,700 equity shares (on fully diluted basis: 17,229,700 equity shares; 13.39%) | — |
| Ranvir Singh | Promoter | — | — |
| Krishnan Vishwanathan | Promoter | — | — |
| Ranvir Singh | Promoter | 17.50% | [●] |
| Krishnan Vishwanathan | Promoter | 13.39% | [●] |
| Ranvir Singh | Promoter | — | — |
| Krishnan Vishwanathan | Promoter | — | — |
| Shardulsingh Bayas | Promoter/Promoter Group | — | — |
| Ranvir Singh | Promoter/Management Shareholder | 17.50% | — |
| Krishnan Vishwanathan | Promoter/Management Shareholder | 13.39% | — |
| Ranvir Singh | Promoter | 31.16% | — |
| Krishnan Vishwanathan | Promoter | 22.13% | — |
| Ranvir Singh | Promoter | — | — |
| Ranvir Singh | Promoter | — | — |
| Krishnan Vishwanathan | Promoter | — | — |
Leadership
Ranvir Singh · Chairman and Chief Executive Officer
Krishnan Vishwanathan · Chief Financial Officer
Shraddha Patangia · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.