OnEMI Technology Solutions IPO

About the company

OnEMI Technology Solutions is a credit solution provider, offering various types of digital loans through its advanced mobile application, Kissht. The company offers personal loans, loans against property (LAP) and loans for business needs. The target customers of this company are technologically advanced younger people, who have remained underserved in terms of credit services. In December 2025, the company had over 6.3 crore customers registered on their platform and provided services to more than 1.1 crore customers. While the parent company operates the technology platform, marketing, and acquiring customers, the lending operations, such as KYC, underwriting, disbursal, and collection of loans is managed by Si Creva Capital (a subsidiary of the company), which is a regulated NBFC of the RBI. OnEMI Technology Solutions has only two product offerings: Personal loans, which allow customers to borrow a maximum of ₹500,000 with repayment terms of five years. The primary usage of personal loans is to cover daily expenses, to provide emergency financing, or to obtain working capital. Approximately 94% of OnEMI Technology Solutions' total assets under management (AUM) consist of this type of loan. Loans Against Property (LAP) was recently introduced in FY24, providing funding to MSMEs and salaried individuals who own assets. Such loans are comparatively large (up to ₹30 lakh) and have long tenures (maximum of 15 years). This is still a developing business segment; however, it does exist in various states due to a well-established branch network. This company has seen strong growth over the last few years. Its AUM has gone up from approximately ₹1,270 crore in FY23 to close to ₹4,090 crore in FY25, and now further to ₹5,960 crore by December 2025. Return ratios are good with ROE at approximately 23.5% and ROA at approximately 8.5% (annualised as of 9MFY26). Cost-to-income ratio is on the high side (56%) mainly because of continued investments, particularly in the LAP business. Despite high unsecured lending, the company has Gross non-performing assets (NPA) at 2.9%, while net NPAs stood at just 0.38%, and the provisioning coverage ratio was at 86.8% as of December 31, 2025. The customer base of the company is young, with a decent credit profile (median CIBIL score of around 746). Most fall in the ₹25,000 to ₹75,000 monthly income bracket and are based in urban areas. Loans are primarily used for business purposes, followed by consumption and emergency needs. The company uses a mix of digital and offline channels. In 9MFY26, digital marketing contributed 45.51% of new customer acquisitions, organic accounted for 23.70%, merchant partnerships contributed 23.28%, and e-commerce and aggregators accounted for 7.51%. The company operates an innovative offline-to-online (O2O) model using credit QR codes installed at 52,396 active merchant locations as of December 31, 2025. The overall customer acquisition cost ranges from ₹750 to ₹850. The company’s AUM is funded through a balanced mix of on-book and off-book loans. On-book borrowings stood at ₹2,047 crore with a debt-to-equity ratio of 1.63 as of December 31, 2025. As of Dec 2025, the company's diversified lender base consists of 47 lenders, including banks, NBFCs, and fund houses. All of these lenders have off-book partnerships which include a combination of partnerships, co-lending and direct assignment models. As of 31 December 2025, the collection team consisted of 1,074 tele-callers, 8,291 field agents and 260 supervisors covering 17,000+ pin codes in India. In 9MFY26, the company's 30-day past due (DPD) collection efficiency was 96.95%, while the company's 90-day DPD collection efficiency was 97.64%. Household credit to GDP ratio for India in Q3CY25 was 45.60%, which is significantly lower than the household to GDP ratio in the United States (68.0%) and the UK (73.90%), indicating that there is considerable opportunity for growth. Credit outstanding in the mass market segment of retail credit is also expected to increase from ₹31.90 lakh crore in FY25 to ₹77.4 lakh crore in FY30 at a CAGR of approximately 19%. Of this amount, digital lending is expected to increase in the mass market segment from ₹4.10 lakh crore in FY30 (an increase of 7x) to a CAGR of 48%. Kissht's digital-first model, proprietary risk infrastructure and pre-existing customer base position the company extremely well to capitalise on this opportunity. The company’s growth strategy involves deepening engagement with existing customers while expanding to new high-quality ones, continuously improving its credit and fraud models, leveraging generative AI and ML across operations, reducing cost of funds by improving credit ratings and diversifying funding partners, and building a comprehensive financial services platform. Now, OnEMI Technology Solutions is launching its initial public offering (IPO), which consists of a fresh issue of ₹850 crore and an offer for sale of ₹76 crore. The total issue size of the IPO is ₹926 crore. Its shares will be listed on the NSE and BSE. ### **How to pre-apply for OnEMI Technology Solutions IPO?** You can pre-apply for OnEMI Technology Solutions IPO on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘OnEMI Technology Solutions IPO tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for OnEMI Technology Solutions IPO**? If you are interested in this investment opportunity but unsure how to apply for OnEMI Technology Solutions IPO, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for OnEMI Technology Solutions IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘OnEMI Technology Solutions IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app **How to check the OnEMI Technology Solutions IPO allotment status? **### When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the OnEMI Technology Solutions IPO allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ In ‘My applications’, under the History section, your OnEMI Technology Solutions IPO allotment status will be mentioned

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   30 Apr 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   05 May 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   06 May 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   07 May 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   07 May 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   08 May 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.