‘There is decent investor demand’: OnEMI’s Chairman

At the time, the primary and secondary markets in India have been feeling the heat of the West Asia crisis, lending startup OnEMI Technology Solutions’ believes there is decent investor demand, Chairman and Chief Executive Officer Ranvir Singh told FE in an interaction.

“Trying to time the market and get the right thing is something we have not followed…My sense is there is still appreciation for our business model which is strong, and perhaps that’s the motivation for us to go ahead,” he added.

The company currently has 47 lending partners, including banks and non-banking financial companies. The loans are booked on these partners’ books while OnEMI manages the servicing and loan collection from the customers, the CEO added. “In the arrangement I (the company) do with my partners, 5% of the total risk is borne by me (OnEMI). Anything above 5% is borne by them (NBFCs),” Singh said.

Kissht’s parent entity, whose IPO will open for subscription on Thursday, has announced a price band of ₹162-₹171 per share. The company plans to raise around Rs 925 crore, consisting of fresh issue of Rs 850 crore and an offer for sale of Rs 75 crore.