OnEMI Technology Solutions Limited operates a digital lending platform (Kissht) focused on India’s mass market. It provides personal loans, loan against property (LAP), and instant EMI solutions through its apps like Kissht and Pay with Ring. The company earns revenue through interest income, loan origination, customer acquisition services, and fintech partnerships with lenders.

The company primarily serves retail borrowers and lending partners such as banks/NBFCs, enabling loan origination and distribution. It operates through a fully digital infrastructure rather than physical manufacturing facilities. Its technology platform includes AI-based underwriting, CRM systems, loan management systems (LMS), and collection tools, ensuring efficient lending operations and scalability.

The product portfolio includes personal loans, EMI financing, and LAP products, which cater to underserved customers lacking access to traditional credit. These products help clients (borrowers) fulfill consumption and business needs, supporting their financial lifecycle. The company operates a single business segment with no dependency on any single customer (>10% revenue), ensuring diversified revenue streams.

The company has expanded through strategic acquisitions and partnerships, including the acquisition of Si Creva’s business and continuous platform development. Future plans focus on technology investments, product expansion, and scaling loan book (AUM). It has shown strong growth with AUM rising significantly (e.g., ₹40.87 billion in FY25).

The company is led by promoters Ranvir Singh and Krishnan Vishwanathan. Key bankers to the issue include Axis Bank (Escrow) and ICICI Bank (Public Offer Account Bank).

Management & Vision
December 31, 2025, the company had 24, full time employees. The Banker to the Company is ICICI Bank Limited, AU Small Finance Bank Limited, YES Bank Limited,

Management & Vision

The company is led by Ranvir Singh (CEO) and Krishnan Vishwanathan (CFO), who have built a technology-first digital lending ecosystem. Their strategy focuses on expanding credit access to underserved mass-market customers using AI-driven underwriting and digital processes.

In the near term, management aims to scale AUM, improve profitability, and expand product offerings, especially in personal loans and LAP. Long-term goals include becoming a full-stack digital financial services platform with cross-selling capabilities.

Funding for expansion will be arranged through IPO proceeds (₹8,500 million fresh issue), borrowings, and partnerships with financial institutions. The company also uses securitisation and debt funding to support loan growth.

Industry Overview

OnEMI operates in the digital lending and fintech sector, which is rapidly growing in India.

• India’s personal loan market grew from ₹6.5 trillion (FY20) to ₹14.7 trillion (FY25) and is expected to reach ₹36.5–39.6 trillion by FY30, growing at 20–22% CAGR.
• The loan against property (LAP) market is projected to reach ₹30.6–33.2 trillion by FY30.
• Digital lending disbursals are expected to grow from ₹2.3 trillion (FY25) to ₹7.2 trillion (FY30).

Industry growth is driven by:

• Increasing digital adoption and fintech innovation
• Rising financial inclusion and credit demand
• Growth of AI-based underwriting and data analytics

Major players include:

• India: Bajaj Finance, SBI Cards, HDB Financial, KreditBee, Navi
• Global: Nu Bank, Kakao Bank

Overall, the industry offers strong double-digit growth with high scalability potential.

Key Risk Factors

1. Regulatory Risk
   The company operates in a highly regulated environment under RBI. Changes in digital lending rules, KYC norms, or interest caps can impact business operations, increase compliance costs, and affect profitability.
2. Macroeconomic Risk
   Economic slowdown, inflation, or job losses can reduce borrower repayment capacity, leading to higher defaults and lower loan demand, directly impacting revenue and asset quality.
3. Technology Risk
   The business depends heavily on technology platforms. Failure to adopt new technologies or system failures can affect customer experience, underwriting accuracy, and scalability.
4. Competition Risk
   The digital lending space is highly competitive with NBFCs, banks, and fintech startups offering similar products, which may lead to pricing pressure and lower margins.
5. Third-party Dependency Risk
   The company relies on third parties for customer acquisition, collections, and IT services. Any failure from these partners can impact operations and reputation.
6. Credit Risk
   As a lender, the company faces risk of loan defaults, especially in unsecured personal loans, which may impact profitability and asset quality.
7. Funding Risk
   The business requires continuous capital for loan disbursement. Any difficulty in raising funds or increase in borrowing cost (currently ~15.43%) can impact growth.

Key Strengths & Opportunities

1. Strong Digital Platform
   The company has a fully integrated end-to-end lending platform with AI and ML capabilities, enabling fast loan approvals and efficient operations, reducing turnaround time from weeks to minutes.
2. High Growth in AUM
   The company has shown strong growth with AUM CAGR of 79.53% (FY23–FY25), indicating strong demand and scalability of its business model.
3. Mass Market Focus (Underserved Segment)
   It targets customers underserved by banks, providing a large untapped opportunity with high growth potential in Tier 2/3 markets.
4. Diversified Product Portfolio
   The company offers personal loans, LAP, EMI financing, and merchant-based credit solutions, enabling cross-selling and increasing customer lifetime value.
5. Technology-driven Risk Management
   Use of AI-based underwriting and 10+ billion data points helps improve credit assessment, reduce NPAs, and enhance portfolio quality.
6. Strong Industry Tailwinds
   Rapid growth in digital lending, fintech adoption, and financial inclusion provides a long runway for expansion and market share gain.