Subscribe for ONEMI Technology Solutions Ltd IPO; Geojit Financial Services

IPO

Geojit Financial Services, ONEMI Technology Solutions Ltd

OnEMI Technology Solutions Ltd (OnEMI), incorporated in 2016 is a technologyenabled lender in India, primarily offering digital loans through its mobile application for various consumption and business needs. The company operates under the brand names Kissht (digital lending platform) and Ring (payments app), OnEMI empowers online and offline merchants with seamless consumer credit solutions and EMI-based payments. Its NBFC partner, Si Creva Capital Services, handles loan disbursement, KYC, and EMI collections. As of FY25, India’s retail loan disbursal via digital lending stood at ₹2.3tn and grew at a CAGR of 21% from FY20. The segment is expected to grow at a CAGR of 22–25% till FY30, with growth driven by the younger generation and rising household earnings (Source: 1Lattice analysis). OnEMI’s total AUM grew at a 64% CAGR from FY23 to 9MFY26, reaching ₹5,956cr as of December 31, 2025, with ~49% comprising off-book loans held by third-party financial institutions.

Valuation and Outlook

At the upper price band of ₹171, OnEMI is valued at ~1.4x P/B (post-issue), which appears fairly priced relative to peers while factoring in inherent risks. Backed by strong growth in AUM and customer base, an omnichannel model, and a rapidly expanding digital lending ecosystem in India, the company is well positioned to scale. We therefore recommend a “Subscribe” rating for high-risk investors for a short to medium term.

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