Temasek-backed fintech lender Kissht files for Rs 1,000 crore IPO to augment NBFC subsidiary’s capital base

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Temasek Holdings-backed Onemi Technology Solutions - the fintech operating under the brand Kissht - has filed preliminary papers with the Sebi to raise funds via an IPO to augment the capital base for its subsidiary Si Creva, a middle-layer NBFC.

The IPO will be a mix of fresh issuance of equity shares worth Rs 1,000 crore, and an offer-for-sale of 88.8 lakh shares by investors, as per the draft document filed on August 18.

Promoters hold 53.67 percent stake in Onemi, including 30.89 percent shareholding by Ranvir Singh and Krishnan Vishwanathan, while the remainder 46.33 percent shares are held by investors including Government of Singapore's Temasek (through Vertex), Russia-based Sistema PJSFC, Endiya Trust, VenturEast and AION Advisory Services. All the investors mentioned above will be selling shareholders in IPO through an offer-for-sale component.

Kissht, which offers digital loans through its mobile application may also consider a pre-IPO placement worth Rs 200 crore. If it manages to close the pre-IPO round, the fresh issue size will be reduced to the extent of the amount raised.

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The company proposed to utilise Rs 750 crore of the fresh issue proceeds for augmenting the capital base of its subsidiary, Si Creva, to meet its future growth capital requirements and the remainder of the funds for general corporate purposes.

Onemi's subsidiary Si Creva, a middle-layer NBFC, offers unsecured personal loans to salaried and self-employed individuals.

Incorporated in 2016, Onemi Technology Solutions has a loanbook with over 19 lakh active customers and Rs 4,086.6 crore in assets under management (AUM) as of March 2025, which grew significantly from Rs 2,604.2 crore in FY24.

The disbursement for the year ended March 2025 fell 46.8 percent to Rs 9,857.8 crore, and profit declined 18.6 percent to Rs 160.6 crore compared to a year ago. Revenue from operations in the same period fell 20.1 percent to Rs 1,337.5 crore.

JM Financial, HSBC Securities and Capital Markets (India), Nuvama Wealth Management, SBI Capital Markets, and Centrum Capital are appointed as the merchant bankers for the Onemi Technology Solutions IPO.