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Onemi Technology Solutions Ltd IPO
Onemi Technology Solutions Ltd
₹14,094 /87 sharesMinimum investment
IPO listing details
Listed on
8 May '26
Issue price
₹171.00
Listing price
₹190.00
Listing gains
₹19.00 (11.11%)
Exchange
BSE
IPO details
Minimum investment
₹14,094
Price range
₹162 - ₹171
Lot size
87
Issue size
925.92 Cr
Face value
1
IPO document
Subscription rate
Qualified Institutional Buyers24.87x
Non-Institutional Investor6.52x
Retail Individual Investor1.88x
Total9.42x
As of 05 May'26, 05:02 PM
Schedule
30 Apr 2026
IPO open date
5 May 2026
IPO close date
6 May 2026
Allotment date
6 May 2026
Funds unblock or debit
8 May 2026
Tentative listing date
About
Founded in
2016
MD/CEO
Mr Ranvir Singh
Parent organisation
Onemi Technology Solutions Ltd
Onemi Technology Solutions Ltd IPO
https://www.youtube.com/watch?v=f-ScGnrFaS4
OnEMI Technology (Kissht) Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have built a large customer base of 63.73 million registered users and 11.17 million customers as of December 31, 2025. This growth is supported by a diversified acquisition model that includes digital channels, merchant partnerships, and a “credit QR” based offline-to-online model across over 52,000 merchants.
The company claims to use advanced risk management systems driven by artificial intelligence (AI) and machine learning across underwriting and collections. Its framework includes multiple data models and over 400 variables to assess borrower profiles, along with early warning systems to monitor portfolio risks in real time.
The company claims to operate a diversified funding model with both on-book and off-book lending structures. It works with 47 lenders, including banks and NBFCs, which helps reduce concentration risk and provides access to scalable funding sources.
The company has received credit ratings of CRISIL A-/Stable (long-term) and CRISIL A1 (short-term), along with A-/Stable ratings from other agencies such as Acuité and India Ratings. These ratings indicate its ability to access capital markets and funding at relatively stable terms.
The company claims to have a cloud-based, AI-driven technology platform that manages the entire loan lifecycle. It has developed core systems such as loan origination, loan management, and collections platforms in-house, enabling faster product deployment and operational control.
The company claims to maintain a large in-house collection infrastructure, including over 1,074 telecallers and more than 8,291 field agents covering 17,000+ pin codes. This setup is supported by a proprietary automated collection system designed to improve recovery efficiency.
The company is led by founders with over 18-20 years of experience in financial services and consulting. It is also backed by investors such as Vertex Growth Fund, which supports its growth and expansion in the digital lending space.
The company and its subsidiary have reported negative operating cash flow in recent periods. Net cash outflow stood at Rs 137.76 crore and Rs 229.42 crore for the company and its subsidiary, respectively, in the nine months ended December 31, 2025, and Rs 661.43 crore and Rs 824.99 crore, respectively, in FY25, compared to positive cash flows in FY23. This increase in outflows has been attributed to the expansion of its on-book loan portfolio, with assets under management (AUM) rising from Rs 450.57 million in FY23 to Rs 2,474.56 million in FY25. Continued negative cash flow or an inability to generate sufficient revenue to offset these outflows could impact the company’s liquidity and financial position.
The company has significant contingent liabilities that have not been provided for in its financial statements. As of December 31, 2025, these liabilities amounted to Rs 1,793.49 crore, primarily including corporate guarantees of Rs 1,734.48 crore issued on behalf of its subsidiary, along with tax-related disputes and other guarantees. Any materialisation of these liabilities could adversely impact the company’s financial condition, cash flows, and overall business operations.
A significant portion of the company’s AUM is concentrated in the southern and western regions of India. The southern region contributed Rs 1,344.88 crore (32.91%), Rs 721.22 crore (27.69%), and Rs 308.08 crore (24.30%) in FY25, FY24, and FY23, respectively, while the western region contributed Rs 1,188.16 crore (29.07%), Rs 825.60 crore (31.70%), and 451.53 crore (35.61%) during the same periods. Any adverse social, economic, political, or regulatory developments in these regions could disrupt operations or reduce demand, which may adversely affect the company’s business, financial condition, and results of operations.
The company relies on third-party software, cloud infrastructure, and fintech service providers such as AWS, FinBox, and Juspay for its operations. It also uses open-source software components, which may impose compliance obligations, including licensing and source code disclosure requirements. Any failure to comply with these licensing terms or inability to renew or access such third-party software on acceptable terms could lead to legal disputes, operational disruptions, or the need to re-engineer its platforms, which may adversely affect its business and operations.
The company and its subsidiary are involved in certain ongoing tax, regulatory, and criminal legal proceedings across various courts and authorities. Any adverse judgment in these cases could result in financial liabilities, including payment of disputed amounts along with interest and penalties. Such outcomes may also impact the company’s reputation and could adversely affect its business, financial condition, cash flows, and results of operations.
The company is significantly dependent on its wholly owned subsidiary, Si Creva Capital Services Private Limited, for its on-book lending operations. On-book AUM accounted for Rs 2,474.56 crore (60.55%), Rs 1,475.21 crore (56.65%), and Rs 450.57 crore (35.54%) in FY25, FY24, and FY23, respectively. Any adverse regulatory changes, capital constraints, credit rating downgrades, or deterioration in asset quality at the subsidiary level could impact its lending capacity and profitability. Any disruption in the subsidiary’s operations or inability to raise funds may adversely affect the company’s business, financial condition, and cash flows.
The company’s business involves lending to customers who may have a higher risk of default, particularly in the mass market segment. A significant portion of its loan book is unsecured, accounting for 94.23% and 98.15%, as of December 31, 2025, and FY25, respectively, which exposes it to lower recovery rates. Its gross NPA increased to 2.89% in FY25 from 0.79% in FY24 and 0.05% in FY23, indicating rising asset quality pressure. This could adversely affect the company’s business, financial condition, and cash flows.
The company has a high level of financial indebtedness through its subsidiary, Si Creva Capital Services Private Limited. As of March 31, 2026, total outstanding borrowings stood at Rs 2,394.40 crore. These borrowings include debentures, term loans from banks and financial institutions, working capital loans, securitisation liabilities, and commercial papers. Any inability to service or repay these borrowings, or any increase in borrowing costs, could adversely affect the company’s cash flows, financial condition, and overall operations.
Application details
For OnEMI Technology (Kissht) IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹162 - ₹171 | Upto ₹2 Lakhs | 87 |
| High Networth Individual | ₹162 - ₹171 | ₹2 - ₹5 Lakhs | 87 |
About
Investor Quota for Onemi Technology IPO
| Parameter | Value |
| QIB (Qualified Inst. Buyers) | 50% |
| NII (Non-Institutional Inv.) | 15% |
| Retail Investors | 35% |
Objective of Onemi Technology IPO
| Parameter | Value |
| Capital to Si Creva (NBFC) | ₹637.50 Crore — augment capital base for lending growth |
| General Corporate Purposes | Remaining ~₹212.50 Crore |
| OFS Proceeds | ₹75.92 Crore → goes to selling shareholders ONLY |
Lead Managers & Registrar of Onemi Technology IPO
| Parameter | Value |
| Book Running Lead Managers | JM Financial Ltd, HSBC Securities & Capital Markets India, Nuvama Wealth Management, SBI Capital Markets, Centrum Broking |
| Registrar | KFin Technologies Ltd |
| RHP Filed | April 25, 2026 with SEBI |
Profits & Loss Summary (₹ Crore) of Onemi Technology IPO
| Metric | 9M FY26 (Apr–Dec 25) | FY25 (Mar 2025) | FY24 (Mar 2024) | FY23 (Mar 2023) | CAGR FY23–FY25 |
| Total Income | 1,583.93 | 1,352.69 | 1,700.30 | 1,001.51 | — |
| EBITDA | 488.45 | 403.37 | 358.96 | 97.71 | — |
| Profit After Tax (PAT) | 199.27 | 160.62 | 197.29 | 27.67 | 140.95% CAGR |
| AUM (₹ Crore) | 5,955.75 | 4,087.00 | — | 1,268.00 | 79% CAGR |
| Cash Flow from Ops | — | -661.43 | — | — | Negative (growth-stage lending) |
Balance Sheet Summary (₹ Crore) of Onemi Technology IPO
| Metric | Dec 31, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Notes |
| Total Assets | 3,568.78 | 2,701.10 | 1,796.53 | 1,275.20 | Growing rapidly |
| Net Worth | 1,254.34 | 1,005.99 | 804.57 | 566.23 | |
| Total Borrowings | 2,047.52 | 1,507.58 | 784.30 | 387.89 | 5x increase in 3 yrs — monitor |
| Contingent Liability | — | 1,793.49 | — | — | Significant; disclosed in RHP |
Valuation Metrics (At ₹171 Upper Band) of Onemi Technology IPO
| Metric | Value | Notes |
| P/E Ratio | 10.84x / 5.16x |
Varies by annualised period
|
| EPS | ₹15.77 – ₹33.09 |
Varies by annualised period
|
| P/B Ratio | 0.91x |
Below book value — attractive pricing
|
| RoNW | 15.97% | Return on Net Worth |
| NAV | ₹187.58 |
Net Asset Value per share
|
| ROE | 17.74% | |
| Market Cap | ₹2,881.06 Cr | At upper price band |
About the Promoters of Onemi Technology IPO
| Parameter | Ranvir Singh | Krishnan Vishwanathan |
| Designation | Chairman, CEO & Executive Director | CFO & Executive Director |
| Age (as per RHP) | 47 years | 50 years |
| Role at Company | Founder — leads strategy, product & growth |
Co-Founder — leads finance, risk & compliance
|
| Experience | 15+ years in financial services & technology | 15+ years in financial services & technology |
| Pre-IPO Shares Held | 2,42,91,232 equity shares | 1,74,93,894 equity shares |
| Pre-IPO Stake (%) | 18.78% | 13.52% |
| Combined Pre-IPO (%) | 32.30% (combined) | 32.30% (combined) |
| Post-IPO Stake (%) | Approx. 13–14% (individual) | Approx. 9–10% (individual) |
| Combined Post-IPO (%) | 23.33% (combined) | 23.33% (combined) |
| Shares in OFS | NIL — not selling in OFS | NIL — not selling in OFS |
| Cost of Acquisition | Significantly lower than IPO price (up to 162x return per DRHP) |
Significantly lower than IPO price (up to 162x return per DRHP)
|
*Source: RHP filed with SEBI (Apr 25, 2026). Promoter shareholding dilutes post-IPO due to fresh issue of 4.97 Cr shares. Promoters are NOT part of the OFS; they are not selling any shares.
PRE-IPO SHAREHOLDERS (As disclosed in RHP / DRHP)
| Investor / Shareholder | Type | Pre-IPO Stake (%) | Participating in OFS | Notes |
| Ranvir Singh (Promoter) | Promoter / Founder | 18.78% | No | Chairman & CEO; not selling in OFS |
| Krishnan Vishwanathan (Promoter) | Promoter / Co-Founder | 13.52% | No | CFO; not selling in OFS |
| Vertex Holdings (Temasek) | Institutional VC | 22.68% | Yes (partial) | Subsidiary of Temasek Holdings, Singapore; largest external investor |
| Ammar Sdn Bhd | Institutional Investor | 12.13% | Yes | Selling up to 20.89 lakh shares in OFS |
| Ventureast Proactive Fund | Venture Capital Fund | Undisclosed | Yes | Ventureast Trustee Co. Pvt. Ltd. as trustee; also holds Ventureast Proactive Fund II, VenturEast SEDCO Proactive Fund LLC, VenturEast Proactive Fund LLC |
| Vertex Ventures SEA Fund III | Venture Capital | Part of Vertex group | Yes | Vertex Ventures SEA Fund III Pte. Ltd.; selling 39.4 lakh shares in OFS |
| Vertex Growth Fund | Venture Capital | Part of Vertex group | Yes | Vertex Growth Fund Pte. Ltd. & Vertex Growth Fund II Pte. Ltd. |
| Sistema Asia Fund | Institutional Investor | Undisclosed | No | Sistema Asia Fund Pte. Ltd. & Sistema Asia Fund India Ventures — part of Shareholders' Agreement |
| Endiya Seed Co-creation Fund | Seed / Early Stage VC | Undisclosed | Yes | Endiya Trustee Private Limited as trustee; participating in OFS |
| AION Advisory Services LLP | Investment Advisor | Undisclosed | Yes | Participating in OFS |
| Sachin Ramesh Tendulkar | Individual / Celebrity Investor | 0.42% | No | Acquired 53,778 Series Z4 CCPS at ₹2,232/share (face value ₹10) in Feb & Jun 2025; 5,37,780 post-split shares; entered via Deed of Adherence dated Feb 14, 2025 |
| Other individual shareholders | Individuals | Undisclosed | No | Includes Abhijit Bhandari, Sreenivasan Balaji, Arish Chaney, Zia Chaney, Malini Mansukhani, Anilesh Ahuja, Tej Kapoor, Manasi Bhalla, Vipin Agarwal, Krishna Vinjamuri, Ankit Aggarwal, Ajay Lakhotia (all parties to SHA dated Apr 11, 2022) |
Ofs (Offer for Sale) — Selling Shareholders of Onemi Technology IPO
| Selling Shareholder | Shares Offered (approx.) | Value at ₹171 (approx.) | Est. Return | Notes |
| Ammar Sdn Bhd | Up to 20.89 lakh shares | ~₹35.7 Cr | Up to 11x on cost | Confirmed OFS seller per DRHP |
| Vertex Ventures (group) | Up to 23.51 lakh shares | ~₹40.2 Cr | Up to 11x on cost | Vertex Ventures SEA Fund III + Growth Fund |
| Total OFS | 44,39,788 shares | ₹75.92 Cr | — |
OFS proceeds go entirely to selling shareholders, NOT the company
|
Source: DRHP filed Aug 2025 & RHP filed Apr 25, 2026 with SEBI. Exact individual stakes for minor shareholders not published in summary documents — refer full RHP PDF at kissht.com/investor-relations/rhp/RHP.pdf. Promoters Ranvir Singh & Krishnan Vishwanathan are NOT selling any shares in the OFS.