OnEMI Technology Solutions (Kissht) IPO

OnEMI Technology Solutions Limited, popularly known through its consumer-facing brand Kissht, is one of India’s emerging digital lending and consumer finance platforms focused on democratizing access to credit. The company provides quick, technology-enabled financing solutions to underserved and middle-income consumers who often face difficulty obtaining loans through traditional banks.

Registered Office

Brand Identity

Kissht has built a recognizable consumer lending brand in India’s fast-growing fintech ecosystem. The brand focuses on:

• Instant personal loans

• EMI financing

• Purchase financing

• Consumer durable financing

• Merchant credit partnerships

• Embedded finance solutions

Evolution Story

The company was founded during a period when India’s banking sector underserved millions of salaried and self-employed individuals with thin credit files. Kissht used:

• Alternative credit scoring

• Digital onboarding

• Aadhaar/PAN based KYC

• AI risk models

• Mobile-first lending journeys

This helped scale consumer lending faster than legacy institutions.

Core Mission

To make credit accessible, frictionless, and affordable for millions of Indians.

Sector Classification

India Digital Lending Industry Overview

India’s credit penetration remains significantly below developed markets. This creates a large opportunity for platforms like Kissht.

Market Size

India’s digital lending market has expanded sharply due to rising smartphone usage and financial digitization.

Key Growth Drivers

1. Underbanked Population

Millions of users still lack access to formal credit.

2. Rising Consumption

Young consumers increasingly finance electronics, healthcare, travel, and education.

3. Faster Approval Needs

Consumers prefer instant loan approvals over lengthy bank processes.

4. Data-led Lending

Fintech lenders assess risk using:

• Banking behavior

• Device data

• Repayment history

• Transaction data

Regulatory Environment

Digital lending in India is supervised by:

• RBI

• SEBI (IPO related)

• Ministry of Corporate Affairs

• Data privacy regulators

Recent RBI norms improved transparency and borrower protection.

Future Outlook

The Indian digital lending market is expected to remain one of the fastest growing globally. Companies with:

• Strong underwriting

• Good collections

• Scalable technology

• Responsible lending practices

What Does Kissht Do?

Kissht provides technology-driven lending solutions primarily to retail consumers through digital channels.

Main Products

Revenue Sources

The company likely earns through:

• Interest income

• Processing fees

• Merchant commissions

• Penalty/late fee (subject to regulation)

• Cross-sell partnerships

Customer Segments

Value Chain Position

Kissht sits between:

Capital Providers + Technology + Consumers + Merchants

This makes it both a lender ecosystem player and fintech distribution platform.

Competitive Advantages

• Strong brand recall

• Fast disbursal

• Alternative underwriting

• Customer acquisition via digital channels

• Repeat borrower ecosystem

As a fintech lending platform, Kissht operates in a regulated environment.

Major Applicable Laws

RBI Focus Areas

• Fair lending practices

• Transparent APR disclosure

• No hidden charges

• Data consent architecture

• Outsourcing controls

• Recovery conduct norms

IPO Compliance

For listing, the company must comply with:

• SEBI LODR Regulations

• Quarterly results disclosure

• Corporate governance norms

• Related party approvals

Investors must evaluate fintech lending risks carefully.

Business Risks

Operational Risks

Financial Risks

Market Risks

• Economic slowdown

• Job losses

• Reduced consumer borrowing

• Lower investor sentiment post IPO

Investor View

Kissht offers growth potential but operates in a higher-risk unsecured lending segment.

Promoter Background

Ranvir Singh

Likely responsible for:

• Vision

• Growth strategy

• Product scaling

• Brand development

Krishnan Vishwanathan

Likely focused on:

• Finance

• Capital raising

• Risk management

• Investor relations

Importance of Promoters

Founder-led fintechs often perform better when founders remain actively involved.

Strategic Role of Subsidiary

Likely involved in:

• Lending operations

• NBFC activities

• Loan book management

• Financing structure support

Why Group Entities Matter

Investors must track:

• Related party transactions

• Fund flows

• Revenue concentration

• Governance controls

Key Management Personnel

Management Strength Areas

CEO

• Strategy

• Growth execution

• Customer acquisition

CFO

• Funding lines

• Capital efficiency

• IPO readiness

Company Secretary

• Governance

• Regulatory filings

• Board compliance

Key Committees

Governance Significance

Strong governance is critical in fintech due to:

• Credit risk

• Data privacy

• Funding leverage

• Regulatory sensitivity

For a listed fintech lender, approvals are critical because the company deals with public shareholders, regulated lending operations, and data-sensitive consumer finance.

Key Approvals Held / Required

Reported Financial Snapshot

(All figures approx. ₹ crore)

Revenue Trend Analysis

FY23   ₹984 Cr
FY24   ₹1,674 Cr   (+70%)
FY25   ₹1,337 Cr   (-20%)
9M FY26 ₹1,560 Cr  (Already above FY25 annual)

What This Means

• FY24 was a breakout growth year

• FY25 saw normalization / tighter lending / lower disbursals

• FY26 run-rate suggests growth revival

Profitability Trend

Interpretation

Even though FY25 revenue fell, margins improved due to:

• Lower credit impairment

• Better collections

• Operating efficiency

• Improved underwriting
  

Total Borrowings

Growth in Debt

Borrowings nearly doubled in FY25, indicating:

• Aggressive loan book expansion

• Higher capital need for lending subsidiary

• Dependence on external funding lines

Risk Angle

Lending businesses behave differently than manufacturing firms.

Why Cash Flow Looks Different

When Kissht disburses loans:

• Cash goes out immediately

• Revenue recognized over time

• Collections return monthly

Practical View

Investor Focus

More important than PAT:

• Collection efficiency

• Cost of funds

• Delinquency ratio

• Cash runway

Derived Ratios (Approx.)

Interpretation

Positives

• Double digit PAT margin

• Healthy profitability for fintech lender

• Scalable model

Watchpoints

• Leverage increase

• Revenue volatility

• Credit cycle sensitivity

Strategic Growth Themes

1. Expand Lending Book

Kissht had AUM above ₹4,000 crore by FY25.

2. Grow Customer Base

3. Better Underwriting

The company uses data science and AI-led credit scoring.

4. Product Diversification

Beyond unsecured loans, reports indicate entry into:

• Loans against property

• Merchant credit

• Checkout lending

Use of Funds

Why This Matters

Si Creva is the lending arm. More capital means:

• Larger loan book

• Better capital adequacy

• Lower leverage stress

• Higher borrowing ability

IPO Price Band

EPS Estimate

Public sources cite EPS near ₹33.09 based on historical numbers.

Implied P/E

At ₹171:

171 / 33.09 = 5.17x approx

Interpretation

For a profitable fintech lender, 5x earnings is not expensive if growth revives.

Peer Lens

Kissht may be valued cheaper due to smaller scale + unsecured lending risk.

Public Sources

Existing Investors Include

• Vertex Ventures

• Ammar Sdn Bhd

• Endiya

• Ventureast

• AION Advisory

Interpretation

Strong institutional cap table gives credibility.

IPO Structure

OFS Meaning

Some early investors partially monetise holdings. This is common and not automatically negative.

Positive Signal to Watch

If promoters retain significant stake after IPO, alignment remains strong.

Likely Shareholder Mix Post Listing

Once listed, investors get full shareholder rights.

Actual Rights

Minority Protection

Governed by:

• Companies Act 2013

• SEBI LODR

• Insider Trading Regulations

• Related Party Approval Norms

Risks