Kissht parent OnEMI raises $87.7M in preferential issue, months after IPO
What's the deal? OnEMI Technology SolutionsDealroom has a profile for this one. Try Dealroom →, which operates digital lending platform Kissht, has raised US$113M (roughly $87.7 million) through a preferential issue on a private placement basis. The company will allot up to 2.65 crore equity shares at US$4.27 apiece to 34 non-promoter investors.
Who's backing it? Investors include Axis Mutual FundDealroom has a profile for this one. Try Dealroom →, HDFC Mutual FundDealroom has a profile for this one. Try Dealroom →, Groww Mutual Fund, 360 One Equity Opportunity Fund, WhiteOakDealroom has a profile for this one. Try Dealroom →, Citigroup Global Markets Hong Kong, Massachusetts Institute of Technology, and Nippon India Equity Opportunities AIF. Unity Small Finance BankDealroom has a profile for this one. Try Dealroom → and Envision India Fund are also participating.
Where's the money going? About 75% of proceeds is earmarked for wholly owned subsidiary Si Creva Capital ServicesDealroom has a profile for this one. Try Dealroom → to fund lending, with the remaining 25% for general corporate purposes. The company is targeting credit rating upgrades over the next two years to lower borrowing costs and expand lending capacity.
Why now? The raise comes about five months after OnEMI's May IPO, which brought in US$125.8M — including US$115.4M of fresh capital. The board cleared the issue on September 17, shareholders approved it at an October 14 extraordinary general meeting, and the BSE and NSE granted in-principle approval on October 20.
Growth has been brisk. In the first quarter of FY27, Kissht's operating revenue rose 45% year on year to US$91M, profit climbed 58% to US$12.9M, and assets under management grew 61% to US$1.09B. Cyril Amarchand Mangaldas advised OnEMI on the transaction.
The signal: The round sits in roughly the 92nd percentile by size among non-VC private placements in Indian fintech over the past four years, marking it as a standout even as overall deal counts fall. It underscores the heavy capital demands of scaling a fast-growing, largely unsecured lending book — and the appetite among major mutual funds to keep funding it.
Read more: legaleraonline.com
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