OnEMI Technology Solutions Files ₹1000 Crore IPO to Fund Lending Subsidiary

OnEMI Technology Solutions, operating under the brand Kissht, has filed draft papers with SEBI to raise Rs 1,000 crore via an IPO consisting of a fresh equity issue and an offer-for-sale of approximately 88.8 lakh shares by existing investors such as Vertex Ventures, Ammar Sdn Bhd, and Ventureast. The fresh proceeds, primarily Rs 750 crore, will be used to augment the capital base of its NBFC subsidiary Si Creva to support future growth, with the remainder allocated for general corporate purposes. Kissht, launched in 2016, serves primarily young, mass-market Indian customers with digital loans through its mobile app, boasting over 5 crore registered users, 19 lakh active borrowers, and Rs 4,086.6 crore in assets under management as of March 2025. Despite this growth, the company reported a 20% decline in revenue to Rs 1,337.5 crore and an 18.6% drop in net profit to Rs 160.6 crore in FY25 compared to the previous year. The IPO plans include a potential pre-IPO placement of Rs 200 crore that would reduce the fresh issue size if completed, and the shares will be listed on both BSE and NSE. The IPO is being managed by prominent financial firms including JM Financial and HSBC Securities.