OnEMI Technology Solutions Fundraises Rs 832.2 Crore

OnEMI Technology Solutions, the parent entity of digital lending platform Kissht, has sanctioned a fundraising initiative of up to Rs 832.2 crore via a preferential issue, as disclosed in its exchange filing. The company’s board has given the green light for the issuance of up to 2.64 crore equity shares priced at Rs 314.11 each, aimed at 34 investors from the non-promoter segment. This transaction will be contingent upon approvals from shareholders and relevant regulatory bodies.

Investor Participation

The funding round is set to welcome a variety of domestic and international institutional investors, such as Axis Mutual Fund, HDFC Mutual Fund, the Massachusetts Institute of Technology (MIT), WhiteOak, 360 One, Groww Mutual Fund, Bandhan Mutual Fund, among others. The fresh capital is intended to fortify Kissht’s financial position and facilitate the growth of its lending operations, technological advancements, and product offerings.

Future Outlook for Kissht

The organization is also looking to achieve several credit rating upgrades within the next two years, which it believes will help reduce borrowing costs, broaden its funding avenues, and enhance its lending capacity. An extraordinary general meeting is set for October 14 to request shareholder approval for the preferential issue.

Recent Financial Performance

The fundraising effort follows closely on the heels of OnEMI raising Rs 926 crore through its IPO just four months prior. That public offering included a fresh issuance of Rs 850 crore, alongside an offer for sale of approximately Rs 76 crore by existing shareholders.

Kissht’s Growth Metrics

On the financial side, Kissht reported a 45% year-on-year increase in operating revenue, reaching Rs 670 crore in Q1 FY27. Additionally, its profit surged by 58% to Rs 95 crore. The assets under management also saw a significant rise of 61%, totaling Rs 8,001 crore during this quarter.

Market Performance

Kissht made its stock market debut in May, with shares listed at Rs 190 on the NSE, exceeding the issue price of Rs 171 by more than 11%. The stock has more than doubled since its issue price, concluding Thursday’s trading session at approximately Rs 360 per share, which brings the company’s market capitalisation to Rs 6,381 crore.