Kissht’s Parent OnEMI Technology Plans ₹1,000 Cr IPO: What You Should Know

OnEMI Technology Solutions Ltd, also known as Kissht, has filed the DRHP for an IPO, seeking to raise fresh capital and unlock value for early investors. In an industry flush with digital and fintech upstarts, Kissht stands out: a tech-driven lender that saw its customer base and loan book soar by over 19% and nearly 80% CAGR, respectively, in the past two years. This article dives into how Kissht is rewriting the rules in tech-enabled finance, what powers its growth, what risks lurk, and what investors ought to know before the IPO dates are even set.

Business Model: How Kissht Makes Money

Kissht is all about making credit accessible for India’s young and digital-first mass market, especially for people whom banks often overlook. Nearly all its business is unsecured personal loans, quick, paperless, app-based advances, while a small slice comes from mortgage-backed loans like Loans Against Property (LAP) offered through its physical branches. Operating in 62 locations nationwide, Kissht uses data science and machine learning to quickly evaluate millions of borrower profiles.

The company runs multiple financial services: its core offering, Kissht, provides digital personal loans and LAP via the app; PaywithRing powers instant credit for customers shopping through merchant partners; and LAP caters to secured loans for small businesses and individuals looking to grow or manage working capital, backed by property security. Beyond lending, Kissht distributes health insurance and plans to roll out life and auto insurance soon. It also aims to introduce savings and investments like fixed deposits, mutual funds, and digital gold, broadening its financial product suite. Additionally, Kissht is developing a platform called Conexo to source retail loans, including credit cards, on behalf of other financial institutions, leveraging its growing digital footprint and expertise.

IPO Objective: Where will Kissht utilise IPO Funds?

The company’s IPO includes a fresh issue worth ₹1,000 crore and an offer for sale of up to 8,879,575 shares. The key selling shareholders include Vertex Ventures, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, AION Advisory Services LLP, and Ammar Sdn Bhd, among others.

Here’s how Kissht plans to use the fresh issue funds:

• Infuse Capital into Lending Arm: Allocate ₹750 crore from the fresh issue to subsidiary Si Creva Capital, an RBI-regulated NBFC, to fuel loan growth and regulatory capital.
• Support Growth: Fund expansion and new product rollout to diversify offerings and deepen customer relationships.
• Offer for Sale (OFS): Allow early investors and promoters to partially exit, adding liquidity and potential wider institutional interest.

Financial Highlights

Between FY23 and FY25, Kissht’s revenue increased from ₹1,002 crore to ₹1,353 crore, growing at a steady pace of 16.2% per year, while profit jumped impressively from ₹28 crore in FY23 to ₹161 crore in FY25, growing nearly 141% annually. This shows the company is improving its ability to convert revenue into actual earnings. Borrowings doubled almost every year, rising from ₹388 crore in FY23 to ₹1,508 crore in FY25 at a rapid 97.1% annual growth rate. This highlights the company’s reliance on external funding to fuel growth, which requires monitoring.

Source: DRHP

The average loan size grew significantly from ₹7,172 in FY23 to ₹31,808 in FY25, more than quadrupling, showing that Kissht is successfully expanding into higher-value lending or larger customer loans, which is evident from the rising customer base. The number of customers rose consistently from 6.41 million in FY23 to 9.16 million in FY25, a healthy 19.5% growth per year. Kissht’s total loan portfolio also ballooned from ₹1,268 crore in FY23 to ₹4,087 crore in FY25, growing at an extraordinary 79.5% annually.

What Makes Kissht Stand Out?

• Blistering Growth Rate: 79.5% annual jump in AUM (loan book) in two years, much faster than most NBFC peers.
• Asset Quality Leader: Net NPAs at just 0.25% for FY25; only 25 paise at risk per ₹100 lent.
• High Capital Buffer: CRAR at 25.18%, more cushion than Bajaj Finance or SBI Cards.
• AI-powered Process: Uses 400+ data points and 34 AI models for sharper risk and lower defaults.
• Repeat Customers: 73% of business from returning borrowers, boosting reliability and reducing marketing costs.
• Top RoAA Performer: Return on assets at 7.14%, the highest in class, showing efficiency at every lending step.

The Risks and What to Watch Out For

• Heavy on Unsecured Loans: 98% of book unsecured; bad cycles or slowdowns can hit hard if defaults spike.
• Small Size, Lower Credit Rating: AUM only ₹4,087 crore, tiny compared to big names like Bajaj or SBI Cards, and its “BBB+” rating is below large peers, signaling moderate risk for lenders.
• Borrowings Rising Fast: Debt jumped nearly 290% in two years; needs constant access to funds.
• Young, Unstable Borrowers: Focuses on customers with average CIBIL score 746, good, but youth and mass market often bring volatility.
• Regulatory Shifts: RBI’s tighter rules on unsecured loans mean Kissht must hold more capital, potentially capping growth or squeezing margins.
• Data Dependence: Heavily reliant on customer-supplied information, data issues can slip through even sharpest algorithms.

For complete details, check Kissht’s IPO page here.

Peer Comparison

• Growth: Kissht’s AUM rose 79.5% CAGR vs. Bajaj Finance’s 29.8%, SBI Cards’ 17.1%.
• Asset Quality: NNPA of 0.25% is best-in-class; more conservative than even AAArated big NBFCs.
• Cost to Income: 54.3% is higher than big players, meaning efficiency still lags the giants.

Source: DRHP

IPO Valuation

EPS (FY25) sits at ₹12.79 per share, compared to Bajaj Finance (₹26.82), SBI Cards (₹20.14), and Cholamandalam (₹50.6). Kissht’s P/E will depend on IPO pricing (not announced yet), but with an ROE of 17.7%, it’s solid, not spectacular versus top peers. The high PCR (provisioning) and low leverage buffer some risks, but don’t erase industry-wide caution on small, fast-growing digital lenders.

Industry Overview

India’s digital lending sector is growing at breakneck speed, fueled by underpenetrated household credit (just 42% of GDP), surging smartphone adoption, and a young, aspirational middle class. From a retail credit base of ₹31.9 trillion in FY25, the market is expected to reach ₹77 trillion by FY30. Yet, regulatory hurdles are rising as the RBI warns against reckless unsecured lending. Only those with robust risk models, healthy provisioning, and capital buffers will thrive. For agile lenders willing to adapt and tech-upgrade, the opportunity remains massive, but smooth sailing is far from guaranteed.

The Team Behind Kissht

Kissht’s founders, Ranvir Singh (CEO) and Krishnan Vishwanathan (CFO) come with deep pedigrees from IIT Bombay, IIM Bangalore, IIT Delhi, Yale, and stints at McKinsey & Co. Singh’s knack for risk analytics and credit has shaped Kissht’s AI-backed lending engine, while Vishwanathan’s financial and digital acumen steers product and strategy. They own a combined 30.89% of shares in the company, keeping significant skin in the game. The also onboarded Sachin Tendulkar as the brand ambassador, which adds trust, helping to overcome first-time digital lending jitters in the Indian mass market. The broader leadership team blends high-caliber analytical minds, tech engineers, and compliance veterans, well suited to scale a hybrid physical-digital lending model.

What to Remember

Kissht’s IPO checks many key boxes for a new-age lender, AI-driven risk tools, rapid AUM growth, leading asset quality, and prudent capital structure. It stands out for disciplined collections and innovative tech, and its solid RoAA and low NNPA validate its underwriting edge. The company’s size, credit rating, and heavy dependence on unsecured lending add vulnerability, especially if funding tightens or regulatory norms evolve. Investors intrigued by the promise of digital lending will find a well-built platform, but should balance the fast-growth story against risks of volatility, rising funding costs, and competitive intensity. Ultimately, Kissht presents a fresh, data-driven bet on India’s credit boom, but one where patience and attention to asset quality will matter just as much as growth.

Other Upcoming IPOs

Check the complete list of upcoming IPOs here.

Disclaimer

Source: OnEMI Technology Solutions Ltd's RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.