OnEMI Technology Solutions, the Indian digital lender behind the Kissht app, said in a regulatory filing that assets under management (AUM) rose 61% year on year to about 80 billion rupees (US$840 million) at the end of the June quarter, as loan disbursals rose 37% to around 38.1 billion rupees (US$400 million).

AUM was up about 13% from March, adding around 9.3 billion rupees (US$97.6 million) during the quarter.

Loan against property accounted for 7.7% of AUM on June 30, up from 2.5% a year earlier and 7.3% at the end of March, as Kissht expanded beyond unsecured personal loans.

The company listed on May 8 after pricing its initial public offering at 171 rupees (US$1.8) a share.

In May, OnEMI raised 8.5 billion rupees (US$89.2 million) through a fresh issue of shares.

The shift comes as digital lenders diversify beyond unsecured personal loans.

The Reserve Bank of India raised risk weights in November 2023 on certain consumer credit exposures for banks and non-banking financial companies to 125%, increasing capital requirements for much unsecured lending.

🔗 Source: The Economic Times