OnEMI Technology Solutions, the parent of digital lender Kissht, has filed draft papers to raise up to 1,000 crore rupee (US$115 million) through an IPO.

The issue includes fresh shares worth 1,000 crore rupee (US$115 million) and an offer for sale of 8.9 million shares by investors such as Ammar Sdn Bhd, Vertex Ventures, and Ventureast funds.

The company may also consider a pre-IPO placement of up to 200 crore rupee (US$23 million), which would reduce the new issue size if completed.

According to a company release, 750 crore rupee (US$86.1 million) from the new issue will be used to augment the capital base of subsidiary Si Creva, with the remainder for general corporate purposes.

Kissht, founded in 2016, provides small-ticket loans via its app, with 53.2 million registered users as of March 2025.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ Digital lenders face regulatory headwinds as compliance costs rise

Kissht’s IPO comes as India’s digital lending sector faces increasingly strict regulations from the Reserve Bank of India.

The RBI introduced comprehensive Digital Lending Directions in 2025, requiring mandatory transparency for multi-lender platforms, data localization on Indian servers, and regular audits of loan portfolios 2.

These new compliance requirements represent a significant shift from the earlier growth-focused environment when fintech funding surged from $175 million in 2014 to $2 billion in 2015 3.

The regulatory tightening has already impacted the broader credit market, with overall credit growth moderating to 12.5% year-on-year by January 2025 as the RBI implemented stricter lending norms 4.

For Kissht, which operates without requiring physical documentation and serves customers with a median CIBIL score of 746, these new regulations will likely increase operational costs and require significant system upgrades to maintain compliance 1.

2️⃣ IPO timing reflects digital lending industry’s transition to maturity

Kissht’s decision to go public represents the digital lending sector’s evolution from a venture-backed growth phase to a mature, regulated industry.

The company has raised $154.5 million in private funding since its founding, demonstrating the substantial capital requirements needed to build a competitive digital lending platform 5.