1. Executive Overview
OnEMI Technology Solutions Limited, operating under the consumer brand Kissht, is a technology-enabled digital lender incorporated in India in June 2016 by co-founders Ranvir Singh (Chairman & CEO) and Krishnan Vishwanathan (CFO). The company operates as a fintech-first credit platform, offering swift, accessible, and personalized digital loans primarily through a mobile application to underserved mass-market consumers across India.
The company's target customer profile is young, digitally connected individuals within the mass-market segment — those earning approximately ₹25,000–₹75,000 per month — who have historically been inadequately served by traditional banks due to limited credit history and absence of tailored products. As of December 31, 2025, the company had 63.73 million registered users, served 11.17 million cumulative customers, and maintained a total AUM of ₹59,557.53 million across on-book and off-book loan portfolios.
The business operates through a dual-entity structure: OnEMI Technology Solutions Limited (the listed entity) owns and operates the Kissht technology platform, while its wholly-owned NBFC subsidiary Si Creva Capital Services Private Limited (registered with the RBI as a Middle-Layer NBFC) conducts all core lending functions including KYC verification, credit appraisal, disbursement, and collections. The off-book AUM — loans facilitated through third-party banking and NBFC partners via 100-0 arrangements, co-lending, and direct assignments — stood at ₹29,106.20 million (48.87%) of total AUM as of December 31, 2025.
The company has demonstrated rapid scale-up, growing AUM at a CAGR of 79.53% from ₹12,679.28 million (FY23) to ₹40,866.38 million (FY25), while improving PAT from ₹276.67 million to ₹1,606.21 million at a CAGR of 140.95% over the same period. For the nine months ended December 31, 2025, PAT stood at ₹1,992.69 million, and the company maintains a Gross NPA of 2.90% with a Provisioning Coverage Ratio of 86.88%.
2. Business Model and Revenue Streams
Revenue Architecture
Kissht generates revenues through two primary streams corresponding to its on-book and off-book lending activities:
On-Book Revenue (Interest Income): Derived from the loan portfolio held on Si Creva's balance sheet. On-book AUM stood at ₹30,451.33 million (51.13%) of total AUM as of December 31, 2025.
Off-Book Revenue (Fee-Based): Sourcing fees (origination charges), servicing fees (loan servicing and collections management), and performance-linked income derived from the ₹29,106.20 million off-book portfolio facilitated through 47 lending partners.
Key Financial Metrics
| Metric | Dec-25 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total AUM (₹ million) | 59,557.53 | 40,866.38 | 26,042.75 | 12,679.28 |
| On-Book AUM (₹ million) | 30,451.33 | 24,745.58 | 14,752.15 | 4,505.67 |
| Off-Book AUM (₹ million) | 29,106.20 | 16,120.80 | 11,290.60 | 8,173.61 |
| Revenue from Operations (₹ million) | 15,599.00 | 13,374.65 | 16,744.46 | 9,844.57 |
| Total Income (₹ million) | 15,839.28 | 13,526.88 | 17,003.02 | 10,015.05 |
| PAT (₹ million) | 1,992.69 | 1,606.21 | 1,972.90 | 276.67 |
| ROE (%) | 23.51%* | 17.74% | 28.78% | 6.93% |
| Debt-to-Equity Ratio (x) | 1.63 | 1.50 | 0.97 | 0.69 |
*Annualized
Customer Acquisition Model
The company operates an omni-channel acquisition strategy spanning:
Digital marketing (search, social media): 45.51% of new customer acquisitions in 9M FY26
Merchant partnerships (shop owners, retail outlets): 23.28%
Organic/referral: 23.70%
E-commerce collaborations: 7.51%
As of December 31, 2025, the merchant network comprised 52,396 active merchants, and the company's app had a rating of 4.6 on Google Play Store (based on 1.25 million+ reviews).
Funding Structure (On-Book)
On-book borrowings of ₹20,475.17 million as of December 31, 2025 are sourced from a diversified mix of debt securities and term borrowings from banks, NBFCs, and other financial institutions, maintaining a D/E of 1.63x well within regulatory headroom. The CRAR of Si Creva stood at 26.69% (Tier-I: 25.93%), significantly above the RBI-mandated minimum of 15%
