Kissht has moved a step closer to raising Rs 832.2 crore from institutional investors. Its listed parent, OnEMI Technology Solutions, said in a regulatory filing on October 20 that the BSE and the National Stock Exchange have granted in-principle approval for its planned preferential issue of shares.
The details of the issue
Under the proposed issue, the company will allot up to 2.65 crore equity shares at Rs 314.11 apiece to 34 identified non-promoter investors, according to the filing. The exchanges granted their approvals on October 19.
The investor list includes Axis Mutual Fund, HDFC Mutual Fund, the Massachusetts Institute of Technology, WhiteOak, 360 ONE, Groww Mutual Fund and Bandhan Mutual Fund.
The issue price carries a premium of Rs 313.11 per share. The board had cleared the fundraise on September 17, and shareholders approved it at an extraordinary general meeting on October 14.
Where the money will go
Around 75 percent of the proceeds will be infused into Si Creva Capital Services, the company’s wholly owned lending subsidiary, to support lending operations. The remaining 25 percent is earmarked for general corporate purposes.
The company also expects stronger capitalisation to help lower its borrowing costs and lift its lending capacity. It is targeting multiple credit rating upgrades over the next two years.
The bigger picture
The preferential issue comes about five months after OnEMI raised Rs 926 crore through its initial public offering, which comprised a Rs 850 crore fresh issue and a Rs 76 crore offer for sale by existing shareholders.
Business momentum is strong. In the first quarter of FY27, Kissht reported a 45 percent year-on-year rise in operating revenue to Rs 670 crore, while profit grew 58 percent to Rs 95 crore. Assets under management climbed 61 percent to Rs 8,001 crore.
Kissht operates in India’s crowded digital lending market, competing with fintech lenders and NBFCs for credit-hungry borrowers. Fresh capital at this scale gives it room to grow its loan book while lenders stay cautious on unsecured credit.
Our take
The exchange approvals remove a key regulatory hurdle, but the fundraise is not done yet. The company still needs final listing approvals after allotment, and the real test will be how efficiently it deploys Rs 832 crore into productive lending. If the first-quarter growth numbers hold, the capital could arrive at exactly the right time.
