ONEMI Technology Solutions Ltd to Launch Initial Public Offering

OnEMI Technology Solutions Ltd Sees Strong Growth in Digital Lending Segment

OnEMI Technology Solutions Ltd, a technology-enabled lender in India, has seen significant growth in the digital lending segment. Incorporated in 2016, the company operates under the brand names Kissht (digital lending platform) and Ring (payments app), offering digital loans through its mobile application for various consumption and business needs. OnEMI empowers online and offline merchants with seamless consumer credit solutions and EMI-based payments. Its NBFC partner, Si Creva Capital Services, handles loan disbursement, KYC, and EMI collections.

As of FY25, India's retail loan disbursal via digital lending stood at ₹2.3tn and grew at a compound annual growth rate (CAGR) of 21% from FY20. The segment is expected to grow at a CAGR of 22-25% till FY30, driven by the younger generation and rising household earnings. OnEMI's total assets under management (AUM) grew at a 64% CAGR from FY23 to 9MFY26, reaching ₹5,956cr as of December 31, 2025. Approximately 49% of its AUM comprises off-book loans held by third-party financial institutions.

Valuation and Outlook

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OnEMI is valued at approximately 1.4x price-to-book (P/B) ratio at the upper price band of ₹171, which appears fairly priced relative to peers while factoring in inherent risks. The company's strong growth in AUM and customer base, omnichannel model, and rapidly expanding digital lending ecosystem in India position it well for scaling. Therefore, we recommend a "Subscribe" rating for high-risk investors for a short to medium term.