OnEMI Technology Solutions (Kissht) IPO Opens 30 April

India's digital lending space just got its biggest IPO moment of 2026. OnEMI Technology Solutions Limited , the Mumbai-based fintech company behind the popular apps Kissht and Ring , opens its IPO for subscription on April 30, 2026. Backed by Temasek Holdings and targeting a market cap of Rs. 2,881 crore at the upper price band, this is one of the most anticipated fintech listings of the year.

In this post, we break down everything you need to know before you decide: the IPO dates, price band, financials, key risks, and whether it deserves a spot in your portfolio.

Rajputana Stainless IPO Details

Who Is Kissht? The Company Behind the IPO

Kissht is a name you've probably seen if you've ever bought electronics on EMI, taken a quick personal loan, or used a buy-now-pay-later option at an online checkout. It's one of India's largest digital lending platforms, and the company operating it , OnEMI Technology Solutions Limited , is the entity going public.

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht primarily targets young, salaried borrowers in India's tier-2 and tier-3 cities , the mass market that large banks often struggle to reach. The company disburses loans through Si Creva Capital Services Pvt. Ltd., its RBI-regulated NBFC subsidiary.

What Does Kissht Offer?

• Personal Loans: Fast, app-based, unsecured personal loans , these make up 98.15% of the company's total loan book.

• Loan Against Property (LAP): A newer branch-based product for secured lending to MSMEs and salaried borrowers.

• PaywithRing: Instant credit and EMI solutions at the point of sale for merchant partners. Insurance Distribution: Health insurance products are already live; life and auto insurance are coming.

• Conexo Platform: Under development , will allow Kissht to source credit cards and retail loans for other financial institutions.

The company served 9.16 million customers and had 1.90 million active borrowers as of March 31, 2025. By December 2025, total customers crossed 11.17 million.

Financials highlights

What the Numbers Tell Us

• The numbers tell a nuanced story. FY25 saw a revenue drop of 20% and a PAT dip of 19%, primarily because -Kissht deliberately discontinued short-tenure, high-frequency loan products that drove volume but contributed to higher risk.

• AUM grew 57% because the company shifted to longer-tenure, higher-ticket loans that stay on the books longer.

• Most importantly, 9M FY26 (April–December 2025) already shows a PAT of Rs. 199.26 crore , higher than the entire FY25 PAT of Rs. 160.62 crore.

• Revenue of Rs. 1,559.90 crore in just nine months signals a strong recovery in FY26.

Platform Scale, Why Kissht Is More Than Just an NBFC

Numbers like 'active borrowers' and 'AUM' don't fully capture Kissht's consumer brand strength. Here are the platform metrics that matter:

• 53.23 million registered users as of March 31, 2025 (grew to 63.73 million by Dec 2025).

• NPS (Net Promoter Score) of 91 , exceptional, even by global consumer app standards.

• Google Play Store rating of 4.6 stars from over 1 million reviews.

• 85%+ of new customers received a loan offer within 10 minutes in FY25.

• 73.3% of AUM comes from repeat customers , a sign of deep product loyalty.

• Coverage across 17,000+ pin codes for collections.

• Proprietary AI/ML underwriting using 400+ data variables and 34 sub-models.

Backing this all is a diversified lender base of 38 partners , banks and NBFCs , which reduces the risk of funding concentration.

Promoter Profile & Institutional Shareholding

Kissht has raised over $142 million in equity funding since inception. Key institutional investors include:

• Temasek Holdings (via Vertex Ventures): Singapore's sovereign wealth fund-backed vehicle , lends significant governance and exit credibility.

• Sistema PJSFC: Russian conglomerate with diversified global investments.

• VenturEast (multiple funds): Longstanding domestic institutional investor.

• Ammar Sdn Bhd: Malaysian investor.

• Endiya Partners and AION Advisory: Domestic early-stage investors.

• Brunei Investment Authority: Brunei's sovereign wealth fund (early investor per public disclosures).

Promoter Stake: 53.67% held by the Kissht promoter group; 46.33% by institutional investors.

Use of Net Proceeds

Of the Rs. 850 crore fresh issue (net of pre-IPO placement adjustments that reduced it from Rs. 1,000 crore), funds will be deployed as follows:

• Rs. 637.5 crore: Capital infusion into Si Creva Capital Services to meet regulatory capital adequacy requirements and support future lending growth.

• Remaining balance: General corporate purposes.

Key Competitors

• KreditBee: Privately held; similar digital personal lending profile.

• Fibe (EarlySalary): Salary advance and personal loans; primarily targeting young professionals.

• Navi Finserv: Sachin Bansal-backed; broader NBFC operations.

• Moneyview: Personal loans and financial management.

• Lendingkart: Focused on MSME and business lending.

• Capital Float and FlexiLoans: MSME-focused fintechs.

Among listed peers, Bajaj Finance and SBI Cards represent the large-cap consumer credit players, though they operate at materially different scale, credit rating, and product mix from Kissht

Strengths

• Temasek Holdings backing via Vertex Ventures , strong governance signal.

• AUM growth of 57% YoY to Rs. 4,087 crore despite halved disbursements , strategic pivot paying off.

• NPS of 91 and Play Store rating of 4.6 , best-in-class customer satisfaction metrics.

• Capital adequacy (CRAR: 25.18%) well above industry peers.

• Proprietary AI/ML underwriting with 400+ variables , scalable and defensible technology moat.

• Diversified lender base of 38 partners , reduces single-lender concentration risk.

• 73.3% AUM from repeat customers , demonstrates product stickiness.

• 9M FY26 PAT of Rs. 199.26 crore already exceeds full-year FY25 , visible recovery trajectory.

• Expanding product suite into LAP, insurance distribution, and Conexo platform , long-term revenue diversification.

• Founders-led company with experienced independent directors (Alok Bansal of PB Fintech and Sangeeta Pendurkar).

Risks

• RBI inspected Si Creva and flagged policy gaps, questionable NPL upgrades, recovery-agent complaints, and non-compliance issues per the DRHP.

• Revenue fell 20% and PAT fell 19% YoY due to discontinuation of short-tenure products and one-time write-offs.

• CRISIL BBB+ / Acuite A , below investment-grade peers like Bajaj Finance (CRISIL AAA) and SBI Cards (CRISIL AAA).

• At Rs. 4,087 cr, AUM is only ~7.3% of SBI Cards , limited pricing power and scale disadvantage

Conclusion

OnEMI Technology Solutions Limited, operating under the Kissht and Ring brands, represents one of the more closely watched fintech listings of 2026. The company has built a measurable consumer franchise over nearly a decade , 53.23 million registered users, a Net Promoter Score of 91, and an AUM that has grown from Rs. 2,604 crore in FY24 to Rs. 5,955.75 crore by December 2025.

The IPO opens on April 30, 2026 and closes on May 5, 2026, with an expected listing on BSE and NSE on May 8, 2026. The price band is Rs. 162 to Rs. 171 per share, with a minimum application size of 87 shares. Investors are strongly advised to read the Red Herring Prospectus in full before making any decision, and to consult a SEBI-registered investment advisor where required.

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