OnEMI Technology Solutions 

• OnEMI Technology Solutions is coming out with a 100% book building; initial public offering (IPO) of 5,69,08,923 shares of face value Rs 1 each in a price band Rs 162-171 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on April 30, 2026 and will close on May 5, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 1 and is priced 162 times of its face value on the lower side and 171 times on the higher side.
• Book running lead managers to the issue are JM Financial, HSBC Securities and Capital Markets (India), Nuvama Wealth Management, SBI Capital Markets and Centrum Broking.
• Compliance Officer for the issue is Shraddha Patangia.

Profile of the company

OnEMI Technology Solutions operates through its ‘Kissht’ brand and is a technology-enabled lender in India, primarily offering digital loans through its mobile application for various consumption and business needs. It provides swift, accessible and personalized credit solutions to support its customers throughout their financial journeys. It uses various online and offline channels to acquire customers, including through digital marketing on search engines and social media platforms, partnerships with small businesses (shop owners and retail outlets), and collaborations with e-commerce players and loan aggregators. It also acquires customers organically through word of mouth. Each channel significantly contributes to the growth of its customer base, thereby creating a resilient and scalable customer acquisition model.

Kissht offers an end-to-end digital experience covering KYC, credit assessment, loan disbursal, and collections, serving young, digitally savvy customers with growing credit needs. It focuses on the mass market segment, that faces significant challenges in availing MSME loans, primarily due to inefficient processes across customer journey often resulting in longer turnaround times. Kissht’s digital processes have reduced personal loan TAT from weeks to minutes, ensuring rapid, scalable, and efficient credit delivery through a fully digital journey from application to repayment tracking.

Kissht stands out with a diversified sourcing strategy, leveraging digital marketing, merchant partnerships, aggregators, and exclusive branches. Kissht is one of the few new-age digital lending players that is deploying ‘credit QR’ based offline-to-online (O2O) customer acquisition model in India. Kissht’s strong customer retention, driven by exceptional service, reflects high loyalty and effective lifecycle management. Its expanding Loan Against Property (LAP) and personal loan offerings, robust tech infrastructure, and strong brand position it for sustained leadership in India’s digital lending space.

Proceed is being used 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. 
• General corporate purposes

Industry overview

India's banking and financial sector is swiftly adopting technology for more efficient digital services. Rising financial and digital literacy is empowering users to confidently embrace various digital payment methods, including real-time bank-integrated payment systems, internet and mobile banking, Point-of-Sale (PoS) terminals, UPI and Mobile wallets. This integration of financial services with Digital Public Infrastructure (DPI) has significantly boosted the speed and reach of digital financial services nationwide. 

India’s retail lending sector is witnessing accelerated growth yet remains significantly underpenetrated compared to developed economies. India’s household credit-to-GDP rose from 41.5% in 2021 to 45.56% in Q32025, but remains well below the USA (68.0%) and UK (73.9%), indicating substantial headroom for expansion. India’s credit penetration remains modest among emerging markets, clearly indicating that India offers significant headroom for growth, especially in retail and MSME lending. This presents a strong opportunity for technology-led FinTech platforms to capitalize on this gap through faster and more inclusive credit delivery.

Digital lending platforms are reshaping credit delivery by leveraging AI, big data, and automation to streamline the entire process from application, loan contract execution to disbursement eliminating paperwork and infrastructure. They offer fast, paperless, and accessible credit, improving efficiency, accuracy, and inclusion, especially for collateral-free personal and working capital loans suited to digital channels. FinTech, as a subset, powers this transformation through tools like AI-driven credit scoring, automated underwriting, and APIs. These innovations enable faster decisions, better user experiences, real-time insights, and scalable servicing. While FinTech also supports payments and insurance, its core strength lies in building the tech foundation for efficient, inclusive lending.

Pros and strengths

Large customer base acquired through a diversified multi-channel acquisition strategy: As of December 31, 2025, it had 63.73 million registered users and served 11.17 million customers, driven by its efficient multi-channel acquisition strategy, which combines online and offline channels. It engages digitally active users through targeted campaigns on search engines, social media and affiliate platforms. Simultaneously, its offline-to-online (O2O) model uses ‘credit QR’ installations at small merchant outlets to onboard customers on its mobile application. In the nine months ended December 31, 2025, its network included 52,396 active merchants, facilitating credit QR-led customer acquisition. The API-first architecture of its mobile application allows it to integrate with these platforms, embedding its credit solutions into high-traffic marketplaces and expanding its presence within India’s growing embedded finance ecosystem. Further, it also acquires customers because of its brand presence in the market, which is supported by its association with former Indian cricketer, Sachin Ramesh Tendulkar.

Driving asset quality through advanced and comprehensive risk management: Since commencing operations in 2016, it has built a data-first architecture that integrates machine learning (ML) across its risk, credit and collection workflows. its systems continuously learn from each interaction, thereby improving fraud detection, credit assessment and borrower behavior modelling over time. As of December 31, 2025, its underwriting processes are supported by a team of 42 data scientists. This team operates a scalable ML infrastructure, enabling rapid development and deployment. It leverages 39 specialized sub-models, as of December 31, 2025, that are trained on a diverse and evolving dataset. This allows for more accurate risk assessment and tailored credit decisions beyond traditional credit scores. Its data-driven infrastructure has enabled it to scale into borrower segments that were traditionally underserved by conventional lenders, while maintaining an asset quality across economic cycles.

Access to diversified and scalable funding sources: Its Assets Under Management (AUM) is built on a balanced funding framework, comprising on-book and off-book loans. On-book loans are originated and managed through its wholly-owned Subsidiary, Si Creva, which is an RBI regulated and registered middle-layer NBFC. Off-book loans are executed in collaboration with leading financial institutions. Its diversified funding model enhances its capital efficiency, supports scalable growth and enables it to serve a wider customer base across risk profiles.

Scalable, cloud-native and AI-built technology platform integrated across all key functions: It has adopted a technology-first approach across the entire lending lifecycle, i.e., from the initial stages of customer acquisition and digital onboarding to credit underwriting, loan disbursal, post-disbursal servicing and collections. It leverages advanced ML algorithms, AI models and cloud-native infrastructure to build and operate a modern, scalable and secure lending platform. Further, as of December 31, 2025, 331 employees (constituting 16.91% of its total employees) were engaged in product, engineering and technology-related functions. 

Risks and concerns

High dependence on unsecured loans: It offers a wide range of financial products including unsecured loans (personal loans) and secured loans (loan against property (LAP)) A significant portion of its AUM consists of unsecured loans (94.23% and 98.15% of its total AUM as of December 31, 2025 and March 31, 2025, respectively). Any decrease in demand for its financial products, particularly its unsecured loan products, could adversely affect its business, financial condition, cash flows, results of operations and prospects. A decrease in demand for its products can arise from factors beyond its control, such as economic slowdown in India, a rise in unemployment, regulatory hurdles, competition and customer-specific factors. Further, unsecured loans inherently carry a higher risk profile, as the absence of collateral increases the likelihood of non-recovery in the event of borrower default.

High geographic concentration in southern and western India: A significant portion of its AUM is attributable to the southern and western regions of India (35.00% and 26.47%, respectively, of its AUM in the nine months ended December 31, 2025 and 32.91% and 29.07%, respectively, of its AUM in Fiscal 2025). Any adverse changes in these regions including due to social, political, economic or regulatory factors or natural calamities or civil disruptions, may interrupt its operations or affect its ability to provide services to its customers in a timely manner. Any decrease in AUM contribution by these regions may have an adverse effect on its business, financial condition, cash flows and results of operations.

Dependence on third-party and open-source software: It relies on third-party software and technology services (including cloud infrastructure and payments/fintech service providers such as AWS, FinBox, Juspay, etc) pursuant to the terms of its agreements with such providers. It also uses open-source software, libraries and components (including those used in connection with PHP, Go and Python). Certain open-source licenses, including copyleft licenses, may impose obligations on it if it distributes, convey or otherwise provides software incorporating such open-source components to third parties (and, in certain cases, where users interact with such software over a network), including requirements to provide source code for the relevant components and/or license modifications or derivative works under the same license terms. Its inability to use software licensed from third parties could adversely affect its ability to sell its offerings and subject it to possible litigation, which may adversely affect its business, financial condition, cash flows, results of operations and prospects.

Heavy reliance on NBFC subsidiary: Its on-book loans are originated and managed through its wholly-owned Subsidiary, Si Creva, which is an RBI regulated and registered middle-layer NBFC Consequently, its growth, asset quality and liquidity are closely linked to its Subsidiary’s ability to maintain its regulatory standing, capital adequacy, access to funding, credit ratings and risk management. Any adverse regulatory action, change in RBI regulations applicable to middle-layer NBFCs, increase in capital or provisioning requirements could restrict its Subsidiary’s lending capacity and profitability and, in turn, its own. Further, any deterioration in its Subsidiary’s portfolio quality, governance, compliance with KYC/AML and digital lending norms or information security could impair origination, increase credit costs and adversely impact cash flows.

Outlook

OnEMI Technology Solutions and its Subsidiary are engaged in the business of (i) providing financial technology solutions to enable use of instant EMI / instalment solutions to consumers, and in providing the technology platform to enable the above, (ii) providing customer acquisition services and loan origination services to financiers/lending partners. It is also engaged in the business of providing personal loans by using digital lending applications viz; ‘Kissht’ and ‘Pay with Ring’ which are owned by the Group and lending activities in the form of providing Loan Against Property. On the concern side, it operates in a highly competitive industry. Further, the regulatory framework governing the online fintech industry is also developing and may change drastically in the near future. Any significant change to its business model may not achieve expected results and may have a material and adverse impact on its financial condition and results of operations. It is therefore difficult to effectively assess its future prospects. The risks and challenges it encounters or may encounter in this emerging, dynamic and competitive market may have an impact on its business, financial condition, cash flows, results of operations and prospects.

The issue has been offering 5,69,08,923 shares in a price band of Rs 162-171 per equity share. The aggregate size of the offer is around Rs 921.92 crore to Rs 973.14 crore based on lower and upper price band respectively. Minimum application is to be made for 87 shares and in multiples thereon, thereafter. On performance front, total income decreased by 20.44% from Rs 17,003.02 million in Fiscal 2024 to Rs 13,526.88 million in Fiscal 2025. Profit for the year decreased by 18.59% from Rs 1,972.90 million in Fiscal 2024 to Rs 1,606.21 million in Fiscal 2025.

Meanwhile, it is focused on increasing engagement with its existing customer base while expanding its reach through its diversified sourcing channels such as fintech aggregators, digital marketplaces and offline merchant networks. By strengthening partnerships and onboarding new collaborators across these platforms, it aims to enhance reach, improve conversion rates and attract customers. To maximize customer value, it will broaden its product suite with higher ticket sizes, flexible and longer tenures, competitive interest rates and secured lending solutions. it aims to grow alongside its customers as their financial profiles evolve. These efforts are supported by its comprehensive marketing and brand-building initiatives, including strategic campaigns with public figures, such as Sachin Ramesh Tendulkar, its current brand ambassador, for brand visibility, trust and organic acquisition. Additionally, it will leverages advanced analytics and data-driven marketing to personalize communication and deepen customer engagement.