OnEMI Technology Solutions (KISSHT) IPO

Strengths · 6

• 01Large and diversified customer base driven by a multi-channel acquisition strategy that has helped acquire 63.73 million registered users and serve 11.17 million customers as of December 31, 2025
• 02Advanced and comprehensive risk management utilizing AI and ML algorithms that analyze over 400 data variables for accurate credit decisions and fraud detection
• 03Access to diversified and scalable funding sources supported by a balanced mix of on-book and off-book lending through 47 different lenders
• 04Consistent track record of financial performance and profitability, demonstrated by a 79.53% CAGR in AUM and a 140.95% CAGR in profit after tax from Fiscal 2023 to Fiscal 2025
• 05Scalable, cloud-native technology platform integrated across all functions, supporting a 99.99% uptime and rapid loan processing
• 06Experienced founders and leadership with over 15 years of experience in financial services, backed by marquee investors

Risks · 6

• 01High concentration in unsecured personal loans, which make up 94.23% of the company's total AUM and carry an inherently higher credit risk than secured lending
• 02Vulnerability to borrower default since the company primarily targets young individuals in the mass market segment who may be economically less stable
• 03Heavy reliance on third-party software and cloud infrastructure (such as AWS), where any service interruptions could significantly disrupt business operations
• 04Dependence on the accuracy of customer information and alternative data; relying on misleading or incomplete data can negatively affect credit assessments and financial health
• 05Significant geographic concentration with 35.00% and 26.47% of its AUM originating from the southern and western regions of India, making it susceptible to regional adverse developments
• 06Strict regulatory compliance requirements and heavy dependence on its wholly-owned RBI-regulated NBFC subsidiary, Si Creva, for all its on-book loan originations

OnEMI Technology Solutions Limited, incorporated on 18 June 2016 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. Originally operating as a private limited company, it was converted into a public limited company in 2025. Starting with a mission to bring formal credit to underserved and new-to-credit Indians, the company has grown into one of India's leading fintech platforms with an AUM exceeding ₹40,000 crore and over 53 million registered users.

The company 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.

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