OnEMI Technology (Kissht) IPO Review: Should You Invest in This Digital Lending Story?

OnEMI Technology’s IPO gives you a chance to invest in a fast-growing digital lending platform that focuses on small, quick loans.

The company runs the Kissht app, which gives instant personal loans using technology. The IPO opens from 30 Apr to 5 May 2026, with a price band of ₹162-₹171 and a minimum investment of ₹14,877. The GMP is around ₹4 (about 2.3%), but this is unofficial and can change anytime.

In this blog, you will understand how the business works, where the money is going, the risks involved, and whether the valuation makes sense.

IPO Overview

Disclaimer: GMP is an unofficial indicator and is subject to market volatility.

How OnEMI Technology (Kissht) Makes Money

Kissht is like a fast, digital “money provider” sitting inside your phone.

Let’s say you want to buy a ₹30,000 laptop but don’t have cash right now. You open the Kissht app, apply, and within minutes you get a loan. You take the money now and repay slowly over time with some extra charges. That extra amount is how the company earns.

Now, this can happen in two ways.

Sometimes, Kissht gives the loan using its own company called Si Creva (an NBFC, meaning a lender that is not a bank). In this case, it earns directly from interest and fees.

Other times, Kissht just acts like a middleman. It finds you, checks if you are safe to lend to, and then a partner bank gives you the money. Here, Kissht earns a commission for bringing you in and managing your repayments.

The interesting part is how fast all this happens. Instead of asking for lots of documents, it's system checks 400+ things like your bank activity and spending habits. So approval can happen in minutes, not days.

It doesn’t rely on just one app either.

• Kissht app is for personal loans
• PaywithRing (RING) gives instant credit when you shop
• At local stores, you can scan a QR code and get a loan on the spot
• For bigger needs, it also gives loans against property
• It even sells health insurance and digital savings products, and is expanding into mutual funds, digital gold, life insurance, etc.

So instead of waiting for customers to come to a bank, Kissht goes where people already are, on phones, in shops, and online.

In short, it makes money by helping people borrow quickly, either using its own money or by connecting them with lenders, and earning from interest or fees in the process.

Objectives of the IPO

The total IPO size is up to ₹925.92 crore, including a fresh issue of ₹850 crore (new money going into the company) and an offer for sale (OFS) of ₹75.92 crore (existing investors selling their shares and taking the money). The fresh issue amount will be used for the following purposes:

• Increase capital in subsidiary (Si Creva): ₹637.50 crore will go into its lending arm. Lending needs capital like fuel. More capital means it can give more loans and grow faster while staying within RBI safety rules.
• General corporate purposes: The remaining money will be used for daily business needs. This includes tech upgrades, hiring, expanding branches, and improving distribution. Basically, keeping the business running smoothly while scaling.

Strengths:

• Strong growth with improving profitability: Its loan book grew from ₹1,267 crore to ₹4,086 crore in just two years. Profit also increased from ₹27 crore to ₹160 crore. This shows demand is real and the business is growing.
• High customer stickiness and efficient tech: Around 50% of loans come from repeat users. That reduces marketing costs. Also, 73% of repeat users get instant approvals, making the process fast and scalable.
• Strong collections despite risky customers: Even though it lends to riskier profiles, it maintains 96.95% collection efficiency. This means most borrowers repay on time, which is critical for survival in lending.

Risks:

• Heavy reliance on unsecured loans: Around 94% of loans are unsecured, meaning no collateral. If customers stop paying, recovery becomes very difficult. This risk increases sharply during economic slowdowns.
• Negative cash flow and high borrowing: Even with profits, it is not generating enough cash. It reported negative operating cash flow and increased borrowings to ₹2,047 crore. This creates financial pressure.
• Dependence on a single subsidiary (Si Creva): All lending is done through its subsidiary, Si Creva. This means the entire business depends on how this one entity performs. If it faces regulatory issues, loses its license, or cannot raise funds, the whole business can get disrupted.

For detailed information, visit OnEMI Technology (Kissht)’s IPO page.

Peer Comparison

Source: RHP, internal calculation

• Scale comparison: OnEMI’s income is ₹1,352 crore, while industry leader Bajaj Finance generates ₹69,724 crore. This shows OnEMI is still very small compared to established players.
• Loan book size: Its AUM is ₹5,956 crore versus ₹4.8 lakh crore for Bajaj Finance. This highlights that OnEMI is still in an early growth stage.
• Profit: It earns ₹160 crore in profit, while Bajaj Finance earns over ₹16,000 crore. So profitability exists, but scale is much smaller.
• Valuation: OnEMI trades at a P/E of 10.84, while HDB Financial Services is around 24.7 and Bajaj Finance at 34+. This means OnEMI is priced cheaper than its peers.

IPO Valuation

The IPO is priced at a P/E of around 10.84x. This means investors are paying about ₹10.84 for every ₹1 of earnings. Compared to peers trading at 20-30x, this looks smartly priced considering the smaller scale of the company.

The interesting part is how the ₹850 crore fresh issue changes the company. It reduces reliance on borrowings and strengthens its balance sheet. In lending, more capital means more loans, which directly drives growth.

However, valuation should not be seen in isolation. This business runs mostly on unsecured loans, which carry a higher risk. So, the lower valuation partly reflects that risk.

Disclaimer: The P/E ratio here is calculated using the company’s post-IPO equity and its most recent 9M FY26 net profits at the upper end of the price band.

Who’s Making Money from the IPO?

This IPO includes an Offer for Sale (OFS), where existing investors are selling shares. This money does not go to the company. It goes to investors who are partially exiting.

Key investors like Ammar Sdn Bhd, Vertex Ventures, and Endiya Fund are selling small portions of their holdings. Their returns range from 1.4x to as high as 10.9x.

This tells us two things:

• Early investors are booking profits after strong growth
• They are not fully exiting, which shows continued confidence

Importantly, promoters are not selling shares, which is generally seen as a positive signal.

Final Words

OnEMI is a fast-growing digital lender with a strong tech backbone. Its growth and profitability track record are encouraging, except for a temporary dip in FY25. However, the business comes with clear risks. Around 94% of loans are unsecured, which makes them sensitive to economic slowdowns.

Considering all the risks, the IPO seems fully priced based on current financials. Well-informed investors with surplus capital may consider moderate exposure for medium to long term, but only if they are comfortable with the risks of unsecured lending and policy changes (impacting the NBFC operations).

For a seamless application process, visit the INDmoney IPO page.

Source: OnEMI Technology's RHP.