SEBI Clears Kissht Parent OnEMI's IPO Plans

Capital markets regulator SEBI has approved the initial public offering (IPO) plans of OnEMI Technology Solutions, the parent company of digital lending platform Kissht, according to regulatory filings.

The clearance comes months after the company filed its Draft Red Herring Prospectus (DRHP), signalling progress towards a public listing amid a gradual recovery in investor interest in fintech stocks.

As outlined in the draft papers, the proposed IPO will include a fresh issue of shares worth up to INR 1,000 crore, along with an offer for sale (OFS) of nearly 8.8 million equity shares by existing investors. The company has also kept the option of a pre-IPO placement open, which, if executed, would reduce the size of the fresh issue.

Under the OFS, Ammar Sdn Bhd plans to sell up to 20.89 lakh shares, while Vertex Ventures is set to offload around 39.4 lakh shares. Other investors seeking partial exits include Ventureast Proactive Fund, Endiya Seed Co-creation Fund and AION Advisory. These funds have backed the company for close to a decade and are now looking to monetise part of their holdings.

Proceeds from the fresh issue are expected to be used mainly to strengthen the capital base of Kissht's non-banking financial company (NBFC) arm, Si Creva Capital Services. The remaining funds will go towards business expansion and general corporate purposes.

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Mumbai-based Kissht operates in the digital lending space, offering small-ticket consumer loans for categories such as electronics, fashion and travel, along with financing for small businesses.

The platform uses data analytics and AI-driven models to provide quick credit access, largely targeting underserved customer segments through merchant partnerships.

As of March 2025, Kissht reported a registered user base of 53.2 million. The company said it has served over 9 million customers, with around 1.9 million active borrowers.

On the financial front, Kissht posted operating revenue of INR 1,337 crore in FY25, compared with INR 1,674 crore in FY24. Its net profit stood at INR 160 crore during the same period.

The IPO will be managed by JM Financial, HSBC Securities, Nuvama Wealth, SBI Capital and Centrum Capital, with KFin Technologies acting as the registrar.