ONEMI Technology Solutions Ltd Files for Initial Public Offering, Anand Rathi to Manage Subscription Process
OnEMI Technology Solutions (Kissht)
IPOKissht IPO: A Leading Digital Lending Platform in India's Mass Market
Kissht, a leading digital lending platform, has been making waves in India's mass market since its inception in 2016 under OnEMI Technology Solutions Ltd. The company has successfully carved out a niche for itself by offering a tech-first, fully digital approach to personal loans and loans against property (LAP) with instant approvals and minimal paperwork. This innovative approach has enabled Kissht to serve young, digitally savvy, credit-seeking customers, especially in the aspirational upper mass market underserved by banks.
Kissht's digital processes have been instrumental in reducing personal loan turnaround times from weeks to minutes, ensuring rapid, scalable, and efficient credit delivery through a fully digital journey from application to repayment tracking. The company's diversified sourcing strategy, which includes digital marketing, merchant partnerships, aggregators, and exclusive branches, has enabled it to reach a wider customer base. As of December 31, 2025, Kissht is one of the few new-age digital lending players in India that is deploying a "credit QR" based offline-to-online (O2O) customer acquisition model.
Valuation and Outlook
At the upper price band, the company is valued at 1.4x FY25 Price-to-Book (P/B), implying a post-issue market capitalization of ₹28,810 million. Approximately 94% of its loan book is unsecured, reflecting a higher-risk lending profile. However, the company has successfully scaled its digital loan distribution and is well-positioned to benefit from future growth opportunities. It has built a user base of 53 million, supported by a proven platform and significant headroom in India's underpenetrated credit market.
| Comparison of Loan Book Composition | Kissht | Industry Average |
|---|---|---|
| Unsecured Loans | 94% | 80% |
| Secured Loans | 6% | 20% |
Considering these factors, the IPO appears fairly valued and is recommended as "Subscribe – Long Term".
Investor Takeaway
Investors should consider the growth potential of digital lending platforms in India's mass market.
More in IPO
SpaceX IPO Reaches Record $75 Billion, Musk's Ambitious Listing Breaks Ground in the Financial Market
SpaceX Seeks Record $75 Billion IPO, Potentially Positioning Elon Musk as the World's First Trillionaire
SMR Jewels IPO Successfully Lists with Institutional Support
