| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹162 to ₹171 | 87 | 30th Apr, 2026 – 5th May, 2026 | ₹926 Cr |
OnEMI Technology Solutions Ltd
OnEMI Technology Solutions Ltd. (OnEMI) is a technology-enabled digital lending platform operating under the “Kissht” brand, focused on India’s mass market segment. It primarily offers personal loans and loans against property through its mobile application, targeting young and digitally connected individuals who remain underpenetrated from a formal credit standpoint. The company was incorporated in June 2016 and converted into a public limited company in June 2025. As of December 2025, OnEMI had 63.7 million registered users and 11.2 million customers. User engagement remains strong, with a net promoter score of 95 and a Play Store rating of 4.6 based on over 1.25 million reviews. The loan book is granular, with 2.87 million active customers and AUM of Rs. 5,956 crores. Personal loans account for 94.2% of AUM, while LAP contributes 5.8% and has scaled across 82 branches since its launch in Q4FY24. Lending is undertaken through its wholly owned subsidiary, Si Creva Capital Pvt. Ltd., an RBI-registered middle-layer NBFC. The AUM mix is balanced, with 51.1% on-book and 48.9% off-book through co-lending, direct assignment and 100-0 structures with 47 lending partners. In the 100-0 model, partner lenders fund the entire loan while the company handles origination and servicing. The company earns sourcing, servicing and performance-linked fees on these off-book loans without taking balance sheet risk. Customer profile is stable, with an average age of 32 years and a median CIBIL score of 746. Around 68% of customers earn between Rs. 25,000 and Rs. 75,000 per month. The underwriting engine uses over 400 data variables and 39 sub-models. This enables loan offers to more than 85% of new customers within 10 minutes. Collections are supported by 1,074 tele-callers, 8,291 field agents and 260 supervisors, with coverage across over 17,000 pin codes.
Objective of OnEMI Technology Solutions Ltd
The company proposes to utilize net proceeds from the issue towards the following objects:
- Augmenting the capital base of the subsidiary, Si Creva Capital Pvt. Ltd., to meet its future capital requirements arising out of growth of business – Rs. 637.50 crores; and
- General corporate purposes – Rs. 288.5 crores
Rationale To OnEMI Technology Solutions Ltd
Investment Rationale
Serving the borrower that banks miss, with quick access to credit
OnEMI is focused on a customer segment that has remained difficult for traditional lenders to serve. These are salaried individuals earning Rs. 25,000–75,000 per month, with clear credit needs but limited access due to rigid processes and high-cost branch models. The company addresses this through a fully digital approach where customers can apply and receive loan offers quickly through its app. Speed is a key strength. More than 85% of new customers receive loan offers within 10 minutes, which improves conversion and makes the product more usable in urgent situations. At the same time, the company has built multiple ways to reach customers instead of relying only on digital marketing. Customers can access credit directly on the app, at merchant stores through QR-based financing, or through partnerships with online platforms. This ensures the product is available both online and at the point where the customer actually needs credit. Over time, this also helps build a large and repeat customer base, improving underwriting and cross-sell. The QR-based model is particularly important as it allows a customer to scan at a store and instantly access a loan, linking offline purchase behaviour with digital credit. This kind of integration is not easy for traditional lenders to build. Overall, OnEMI is well positioned in a segment where demand is strong but access has been limited, and its approach improves both reach and usability.
Scaling lending through partners, while improving the mix over time
OnEMI’s model allows it to grow without relying entirely on its own balance sheet. As of Dec’25, AUM is split between ~51% on-book and ~49% off-book through partnerships with 47 lenders. On the off-book side, the company earns sourcing, servicing and performance-linked fees without taking credit risk. This allows the company to continue growing even without adding the same amount of capital on its own books. AUM has grown at a ~79.5% CAGR from Rs. 1,268 crores in FY23 to Rs. 5,956 crores by Dec’25, indicating strong execution. At the same time, the business can handle higher volumes without a similar increase in cost. Loan decisions are largely automated, which helps maintain speed and consistency. Collections are supported by a large on-ground and tele-calling network with presence across 17,000+ pin codes, ensuring control as the book grows. The addition of LAP is an important shift. It currently forms ~6% of AUM, but brings in secured lending to a largely unsecured portfolio. This helps reduce overall risk over time. It also allows the company to offer larger loans to existing customers as their income profile improves, instead of losing them to other lenders. Overall, the model supports strong growth, keeps capital needs manageable and improves the portfolio mix gradually.
Valuation of OnEMI Technology Solutions Ltd
OnEMI is a digital-first lender focused on India’s underpenetrated mass market, combining fast loan disbursal, multiple sourcing channels and a mix of on-book and partner-led lending. The company has scaled quickly while keeping part of the book off its balance sheet, and has started adding secured lending through LAP to improve portfolio mix over time. AUM has grown at a 79.5% CAGR from Rs. 1,268 crores in FY23 to Rs. 4,087 crores in FY25, reaching Rs. 5,956 crores by Dec’25, driven by customer additions and repeat usage. Customer base increased from 6.41 million to 9.16 million, supporting this growth. Net worth rose from Rs. 566 crores to Rs. 1,006 crores, as earnings were retained in the business. Revenue grew at a 16.6% CAGR from Rs. 984 crores in FY23 to Rs. 1,337 crores in FY25. Growth was driven by access to an underserved mass market segment, supported by higher digital adoption post-COVID and multiple sourcing channels including credit QR-based merchant partnerships and fintech platforms, which brought in first-time borrowers. Profitability has improved with scale. EBITDA grew at a ~103% CAGR from Rs. 98 crores in FY23 to Rs. 403 crores in FY25, with margin expanding from 9.8% to 29.8%, driven by lower credit costs (impairments declining from 36.5% to 21.8%) and operating leverage. Fee income from partner-led lending grew at a 75% CAGR from Rs. 77 crores in FY23 to Rs. 238 crores in FY25, driven by higher off-book volumes. However, cost-to-income at 54-56% remains above peers, indicating further room for efficiency gains. Asset quality has weakened, with GNPA increasing from 0.05% in FY23 to 2.9% in 9MFY26, in line with the rapid expansion of a predominantly unsecured loan book. High provisioning (87%) keeps NNPA low at 0.4%. LAP, at 6% of AUM, provides early diversification into secured lending. Overall, at Rs. 171 per share, the issue is valued at 1.37x post-issue book value and 17.9x FY25 earnings. Overall, strong growth, improving profitability and a scalable model support the case. We recommend a Subscribe rating, with asset quality and execution as key monitorables.
What is the OnEMI Technology Solutions Ltd IPO?
The initial public offer (IPO) of OnEMI Technology Solutions Ltd offers an early investment opportunity in. A stock market investor can buy OnEMI Technology Solutions Ltd IPO shares by applying in IPO before All OnEMI Technology Solutions Ltd shares get listed at the stock exchanges. An investor could invest in OnEMI Technology Solutions Ltd for short term listing gain or a long term.
How to apply for the OnEMI Technology Solutions Ltd IPO through StoxBox?
To apply for the OnEMI Technology Solutions Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the OnEMI Technology Solutions Ltd IPO open?
OnEMI Technology Solutions Ltd IPO is opening on 30th Apr 2026. Apply Now
What is the lot size of the OnEMI Technology Solutions Ltd IPO?
The Lot Size of OnEMI Technology Solutions Ltd 87 equity shares. Login to your account now.
When is the OnEMI Technology Solutions Ltd IPO allotment date?
The allotment Date for OnEMI Technology Solutions Ltd IPO is 06th May 2026. Login to your account now.
When is the OnEMI Technology Solutions Ltd IPO listing date?
The listing Date for OnEMI Technology Solutions Ltd is 08th May 2026. Login to your account now
What is the minimum investment required for the OnEMI Technology Solutions Ltd IPO?
In the Retail segment the minimum investment required is Rs 14,877 Login to your account now
What is the maximum investment allowed for OnEMI Technology Solutions Ltd IPO?
In the Retail segment the maximum investment requirement Rs 1,93,401 Login to your account now
What are the risks associated with investing in the OnEMI Technology Solutions Ltd IPO?
- Unsecured loans form 94.23% of AUM (Dec’25), making the portfolio more sensitive to regulatory changes and repayment behaviour. GNPA has risen from 0.05% in FY23 to 2.90% in 9MFY26; while PCR at 86.88% provides a buffer, credit performance needs monitoring.
- The company reports negative operating cash flows (Rs. 661 crores in FY25; Rs. 138 crores in 9MFY26), which is typical for a growing lender but implies continued reliance on external funding.
- Contingent liabilities stand at Rs. 1,793 crores, including guarantees and tax matters. Any material crystallization could impact financials.
- Geographic concentration remains, with ~35% of AUM in the South and ~26% in the West. The FY25 revenue decline also highlights sensitivity to changes in AUM mix.
When will the OnEMI Technology Solutions Ltd IPO shares be credited to my Demat account?
The OnEMI Technology Solutions Ltd will be credited to the account on allotment date which is 06th May 2026. Login to your account now
Where can I find the OnEMI Technology Solutions Ltd IPO prospectus?
The prospectus of OnEMI Technology Solutions Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
