Kissht Parent OnEMI's Board Approves Rs 832 Crore Fundraise, Just Four Months After Its IPO
OnEMI Technology Solutions, the listed parent company of digital lending platform Kissht, has approved a fundraise of up to Rs 832.2 crore through a preferential issue of equity shares, according to its exchange filing.
Here's the structure of the deal. The board approved issuing up to 2.64 crore equity shares at Rs 314.11 apiece to 34 investors from the non-promoter category, subject to shareholder and regulatory approvals. The investor lineup reads like a who's who of institutional capital, Axis Mutual Fund, HDFC Mutual Fund, Massachusetts Institute of Technology, WhiteOak, 360 One, Groww Mutual Fund, and Bandhan Mutual Fund are all participating.
Here's where the money is actually going. Seventy-five percent of the fresh capital will be infused into Si Creva Capital Services, OnEMI's wholly owned lending subsidiary, giving Kissht greater financial flexibility to scale its lending business, strengthen its technology and digital capabilities, and expand its product offerings. The remaining 25% will go toward general corporate purposes, supporting the company's broader growth strategy.
The timing here is genuinely striking. This fundraise comes just four months after OnEMI raised Rs 926 crore through its IPO, which comprised a Rs 850 crore fresh issue and a roughly Rs 76 crore offer for sale. Going back to institutional investors again this soon after listing signals real confidence in the growth trajectory.
The financials back that confidence up. Kissht's operating revenue rose 45% year-on-year to Rs 670 crore in Q1 FY27, while profit jumped 58% to Rs 95 crore, and assets under management grew 61% to Rs 8,001 crore during the same quarter. The market has taken notice too, Kissht's shares, which listed at Rs 190 in May, over 11% above its issue price of Rs 171, have since more than doubled, closing recently at around Rs 360 per share, putting the company's market capitalisation at roughly Rs 6,381 crore. The company is also targeting multiple credit rating upgrades over the next two years, backed by strong capitalisation and consistent, high-quality credit growth.
From a Rs 926 crore IPO to an Rs 832 crore follow-on raise in under half a year, Kissht's playbook shows just how fast a newly listed fintech can move when the fundamentals are working.
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— Sandeep Raiza