Digital lending platform Kissht is preparing for another major capital infusion just months after its stock-market debut.
OnEMI Technology Solutions Limited, the listed parent company of Kissht, has received board approval to raise approximately ₹832 crore through a preferential issue of equity shares. The transaction remains subject to shareholder approval as well as applicable statutory and regulatory clearances.
The proposed fundraise has attracted several institutional investors, while the company plans to deploy most of the new capital into its lending subsidiary as it looks to expand its loan book, strengthen technology capabilities and broaden its financial products.
How Will Kissht Raise ₹832 Crore?
OnEMI's board approved the fundraising proposal at its meeting on September 17, 2026.
According to the company's disclosures, the transaction involves issuing equity shares on a preferential basis to identified investors. The Economic Times reported that OnEMI proposes to issue up to approximately 26.49 million shares at ₹314.11 per share to 34 non-promoter investors.
The preferential issue will be carried out under the applicable provisions of the Companies Act, 2013 and SEBI regulations. Importantly, board approval does not mean the transaction has been completed. The proposed issuance still requires shareholder and other applicable approvals.
The company is expected to seek shareholder approval at an extraordinary general meeting scheduled for October 14, 2026.
HDFC MF, Axis MF and MIT Among Proposed Investors
The proposed issue has attracted a group of domestic and international institutional investors.
Participants identified by the company include Axis Mutual Fund, HDFC Mutual Fund, Massachusetts Institute of Technology, White Oak, 360 One, Groww Mutual Fund and Bandhan Mutual Fund.
Separate reporting also identified Citigroup Global Markets Hong Kong, Nippon India Equity Opportunities AIF, Unity Small Finance Bank and Envision India Fund among participants in the proposed transaction.
The presence of institutional investors is notable because the capital raise is taking place only months after OnEMI completed its initial public offering.
Where Will Kissht Use the Money?
According to the company's September 18 announcement, 75% of the additional capital raised is intended to be infused into Si Creva Capital Services Private Limited, OnEMI's wholly owned subsidiary.
The capital is expected to give Kissht greater financial flexibility to:
scale its lending operations;
strengthen technology and digital capabilities;
expand its product portfolio; and
deepen its reach across target customer segments.
The remaining 25% is planned for general corporate purposes, supporting the company's broader growth strategy.
Kissht Targets Credit Rating Upgrades
Beyond financing growth, Kissht is also seeking to strengthen its balance sheet as it targets multiple credit rating upgrades over the next two years.
Founder and CEO Ranvir Singh told Financial Express that improving the company's net-worth position is an important factor in its rating strategy. He also said the fresh capital is intended not only to support growth but to help improve the economics of the business by lowering funding costs.
The company argues that stronger credit ratings could potentially lower borrowing costs, diversify its funding sources and increase overall funding capacity. Those outcomes are targets rather than guaranteed results and will depend, among other factors, on future rating decisions and the company's financial performance.
Fundraise Comes Months After ₹926 Crore IPO
The proposed ₹832 crore capital raise follows OnEMI's ₹926 crore IPO, completed roughly four months earlier.
The IPO consisted of an ₹850 crore fresh issue and an offer for sale of approximately ₹76 crore. Around ₹637.5 crore from the fresh issue had been earmarked for Si Creva to support loan-book growth.
OnEMI's IPO was priced at ₹171 per share, while the proposed preferential issue has been priced at ₹314.11 per share.
The relatively quick return to the capital market indicates that OnEMI is seeking substantial additional balance-sheet capacity as Kissht expands its lending operations.
Kissht's Business Continues to Expand
The latest fundraising plan comes alongside growth in Kissht's operating metrics.
For the quarter ended June 2026, operating revenue increased 45% year-on-year to ₹670 crore, while net profit reached approximately ₹95 crore, according to reported financial data. Assets under management increased 61% to ₹8,001 crore, while loan disbursements grew 37% to ₹3,812 crore.
Kissht was founded in 2015 by former McKinsey executives Ranvir Singh and Krishnan Vishwanathan. The business began with checkout financing and subsequently expanded into personal and secured lending through its own balance sheet and lending partnerships.
What the ₹832 Crore Fundraise Means for Kissht
The proposed transaction adds another significant pool of equity capital soon after OnEMI's IPO.
The most immediate effect, if the required approvals are secured and the transaction is completed, would be additional capital for Si Creva and greater financial flexibility for Kissht's lending operations.
The company is also linking stronger capitalisation to its longer-term goal of securing credit rating upgrades and reducing funding costs. Whether those benefits materialise will depend on future rating assessments, borrowing conditions, credit performance and execution of the company's growth strategy.
For now, the key next milestone is shareholder approval for the preferential issue.
