Kissht Operator OnEMI Technology Files DRHP for INR 1,000 Cr IPO OnEMI Technology aims to allocate INR 750 crore from its fresh issue to strengthen subsidiary Si Creva's capital base and may also explore an INR 200 crore pre-IPO placement.
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Mumbai-based OnEMI Technology Solutions, the operator of digital lending platform Kissht, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India to raise funds through an Initial Public Offering.
The company, which primarily offers digital loans for both consumption and business needs through its mobile application, is preparing for a public issue that will include a combination of fresh equity and an offer for sale.
The IPO comprises a fresh issue of shares worth up to INR 1000 crore and an offer for sale of 88,79,575 equity shares by existing investors. Eligible employees will also be able to subscribe under a reserved portion of the issue.
Out of the total proceeds, INR 750 crore from the fresh issue will be directed towards strengthening the capital base of its subsidiary Si Creva to meet future business growth requirements, along with general corporate purposes.
The company may also consider a pre-IPO placement of up to INR 200 crore. The pre-IPO placement if completed, the fresh issue size will be reduced.
The offer for sale will see divestments by several shareholders, including Ammar Sdn Bhd, Vertex Ventures SEA Fund III, Vertex Growth Fund, Vertex Growth Fund II, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, VenturEast Proactive Fund LLC, AION Advisory Services LLP, Ventureast Proactive Fund, and VenturEast SEDCO Proactive Fund LLC.
The issue will be conducted through the book-building process, with up to 50 percent of the net offer earmarked for qualified institutional buyers. At least 15 percent will be available for non-institutional investors, while retail individual investors will be allocated no less than 35 percent of the net offer.
Founded in 2016, Kissht has positioned itself as a digital credit provider targeting India's aspirational middle class. The company claims that it reported more than 1.90 million active customers and assets under management of INR 4,086.64 crore as of March 31, 2025.
Its customer base had an average age of 32 years in Fiscal 2025. A majority of its borrowers reported monthly incomes between INR 25,000 and INR 75,000, while nearly 65 percent were located in the top 50 cities.
As per the official release, Kissht's consolidated revenue from operations reached INR 1,337.46 crore in Fiscal 2025, with profit after tax at INR 160.62 crore. The company claims to achieve strong growth in assets under management and profitability over the past two years, with a CAGR of nearly 80 percent in AUM and over 140 percent in profits.
JM Financial, HSBC Securities and Capital Markets, Nuvama Wealth Management, SBI Capital Markets, and Centrum Capital are the lead managers to the issue, while KFin Technologies will act as registrar. The equity shares are proposed to be listed on both BSE and NSE.
