IPO Overview
OnEMI Technology Solutions Limited, incorporated on 18 June 2016 and headquartered in Mumbai, was founded by Ranvir Singh (Founder & CEO) and Krishnan Vishwanathan (Co-Founder) — both seasoned professionals with deep expertise in financial services and technology. The company 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 focused on young individuals within the mass market segment — India’s emerging middle class that is aspirational, digitally connected, and underpenetrated in credit. The company operates two flagship brands — Kissht (digital lending platform) and Ring (payments and credit app). As of December 31, 2025, the company had 63.73 million registered users and served 11.17 million customers, and has received a Play Store rating of 4.6 based on over 1.25 million reviews.
Backed by Temasek Holdings, the company is now launching its maiden public issue of ₹925.92 crore. The IPO is priced in the range of ₹162 to ₹171 per equity share and will be listed on both BSE and NSE. At the upper end of the price band, the IPO values the company at ₹2,881 crore. The IPO opens on 30 April 2026 and closes on 5 May 2026, with listing expected on 8 May 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 29 April 2026 |
| IPO Open Date | 30 April 2026 |
| IPO Close Date | 5 May 2026 |
| Allotment Date | 6 May 2026 (Expected) |
| Credit to Demat | 7 May 2026 |
| Listing Date | 8 May 2026 (Tentative) |
| Price Band | ₹162 – ₹171 per share |
| Face Value | ₹1 per share |
| Lot Size | 87 shares |
| Minimum Investment (Retail) | ₹14,877 (1 lot = 87 shares) |
| Minimum Investment (sNII) | ₹2,08,278 (14 lots = 1,218 shares) |
| Minimum Investment (bNII) | ₹10,11,636 (68 lots = 5,916 shares) |
| Issue Size | ₹925.92 crore |
| Fresh Issue | ₹850 crore |
| Offer For Sale (OFS) | 44,39,788 shares (~₹75.92 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The OFS portion consists of 44,39,788 shares being sold by existing investor shareholders — Ammar Sdn Bhd, Vertex Ventures SEA Fund III Pte. Ltd, Vertex Growth Fund Pte. Ltd, Vertex Growth Fund II Pte. Ltd, Ventureast Proactive Fund II, Endiya Seed Co-creation Fund, VenturEast Proactive Fund LLC, AION Advisory Services LLP, Ventureast Proactive Fund, and VenturEast SE.
Vertex Holdings, a subsidiary of Temasek Holdings, is the largest shareholder with a 22.68% stake, while Ammar Sdn Bhd holds 12.13% as per filings dated April 25, 2026.
Objects of the Issue (Fund Utilization)
Of the ₹850 crore fresh issue, ₹637.5 crore will be infused into the company’s NBFC subsidiary Si Creva Capital Services to augment its capital base and support higher loan disbursement volumes arising from business expansion. The remaining funds will be used for general corporate purposes, including operational needs.
- Augmenting capital base of subsidiary Si Creva Capital Services — ₹637.5 crore
- Technology infrastructure investment (AI-native cloud platform) — from remaining proceeds
- Expanding merchant and customer acquisition channels — from remaining proceeds
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: JM Financial Ltd., HSBC Securities and Capital Markets (India) Pvt. Ltd., Nuvama Wealth Management Ltd., SBI Capital Markets Ltd., Centrum Capital Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The company is promoted by Ranvir Singh and Krishnan Vishwanathan, who collectively hold a 32.3% stake in the company.
- Ranvir Singh — Chairman, CEO & Executive Director
- Krishnan Vishwanathan — Co-Founder, CFO & Executive Director
Both founders bring over 15 years of experience in financial services and technology, and the company is backed by marquee institutional investors including Temasek Holdings.
Company Details
OnEMI Technology Solutions operates under two key brands — Kissht, a digital lending platform offering instant personal loans, small business loans, and Loan Against Property (LAP); and Ring, a payments and credit app enabling EMI-based purchases. Its business model combines a hybrid lending approach — own-book lending alongside its NBFC partner, Si Creva Capital Services, which handles loan disbursement, KYC, and EMI collections. Leveraging AI-driven credit scoring, alternative data analytics, and an API-first mobile architecture, OnEMI embeds credit solutions across online and offline merchant ecosystems, making it a key player in India’s fast-growing embedded finance space.
Sectors Served:
- Consumer Digital Lending
- MSME & Small Business Lending
- Embedded Finance & Merchant Credit
- Payments & Buy-Now-Pay-Later (BNPL)
Key Products:
- Personal Loans (Salaried & Self-Employed) — via Kissht
- Loan Against Property (LAP) — for MSME and salaried individuals
- MSME Business Loans
- Consumer EMI Credit — for online and offline merchants
- Ring Payments App — EMI-based purchases
Key Capabilities:
- Scalable, cloud-native technology platform integrated across all functions, supporting 99.99% uptime and rapid loan processing
- Advanced risk management framework supported by machine learning capabilities for credit evaluation and analysis of borrower behaviour
- Internally built end-to-end lending technology infrastructure for fast product development and adaptation to regulatory changes
Scale & Reach (as of Dec 31, 2025):
- 63.73 million registered users, 11.17 million customers served, AUM of ₹59,557.53 million (~₹5,956 crore), Net Promoter Score of 95
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| 9M FY26 (Apr–Dec 2025) | ₹1,559.90 | ₹199.20 |
Key Financial Metrics:
- P/E Ratio: 10.84x | EPS: ₹15.77 | P/B: 0.91x | RoNW: 15.97% | Market Cap at upper band: ₹2,881 crore
- AUM: ~₹5,956 crore (Dec 2025)
- Employees: 1,278 permanent employees (as of March 31, 2025)
Company Strengths
- Massive user base — 53.23 million registered users with a 4.6 Play Store rating and NPS of 91, signalling exceptional product-market fit and customer retention capability
- India’s consumer credit market is underpenetrated, particularly in the mass market and emerging middle class segments that OnEMI primarily targets through Kissht and Ring
- Scalable cloud-native technology platform with 99.99% uptime and rapid loan processing capabilities
- Backed by marquee institutional investors — Temasek Holdings (via Vertex Holdings, 22.68% stake), providing credibility and governance confidence
- Dual-brand strategy — Kissht for lending and Ring for payments — creating a sticky, multi-product customer ecosystem
- Attractive valuation — P/E of 10.84x and P/B of 0.91x, which is low compared to many listed fintech peers
Key Risks & Challenges
- High concentration in unsecured personal loans — 94.23% of total AUM — which carry inherently higher credit risk than secured lending
- Vulnerability to borrower default since the company primarily targets young individuals in the mass market segment who may be economically less stable
- Heavy reliance on third-party software and cloud infrastructure such as AWS — any service interruption could significantly disrupt business operations
- Regulatory risk — digital lending in India is subject to evolving RBI guidelines; any policy tightening could impact business model or lending practices
- Regulatory risks around digital lending and rising borrowings mean long-term investors should monitor RBI policy updates and quarterly results post-listing
- OFS component means a portion of IPO proceeds goes to existing investors, not to the company
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
