Kissht operator OnEMI Technology's net profit falls over 18.5 pc in FY25, shows DRHP

Mumbai, Aug 29 (IANS) OnEMI Technology Solutions Limited, the company that runs digital lending platforms ‘Kissht’ and ‘Ring’, has reported an 18.56 per cent decline in its net profit for the financial year ended March 31, 2025 (FY25).

According to its Draft Red Herring Prospectus (DRHP), filed with the capital markets regulator SEBI to raise funds through an initial public offering (IPO), the company’s net profit also slipped to Rs 160.6 crore from Rs 197.2 crore in the previous year (FY24).

The revenue from operations also fell to Rs 1,337.46 crore in FY25, compared to Rs 1,674.44 crore in FY24 -- marking a decline of more than 20 per cent.

Total income followed suit and dropped to Rs 1,352.6 crore in FY25 from Rs 1,700.3 crore a year earlier.

On the cost side, total expenses came down to Rs 1,136.4 crore in FY25 from Rs 1,432.8 crore in FY24.

Employee costs increased to Rs 193.2 crore, while finance costs more than doubled to Rs 164.4 crore.

Impairment charges on financial instruments fell sharply to Rs 326.8 crore from Rs 621.2 crore, and other expenses also came down to Rs 429.2 crore from Rs 539.4 crore.

Through the IPO, the company plans a fresh issue of shares worth up to Rs 1,000 crore along with an offer for sale (OFS) of 88.79 lakh equity shares by existing investors, including Ammar Sdn Bhd, Vertex Ventures, Endiya Seed Co-creation Fund, Ventureast, and AION Advisory Services LLP.

The offer will also include a reservation for eligible employees, according to its DRHP.

From the fresh proceeds, about Rs 750 crore will be infused into its subsidiary, Si Creva Capital Services, to strengthen the NBFC’s capital base and support future growth requirements.

The remaining funds will go towards general corporate purposes. The company may also consider a pre-IPO placement of up to Rs 200 crore, which would reduce the size of the fresh issue accordingly.

OnEMI Technology Solutions, formerly OnEMI Technology Solutions Private Limited, is a digital lending and payments company that offers personal loans and loan-against-property products.

Its technology-driven platforms cater largely to underserved customers, leveraging alternative credit scoring and analytics.

Loan disbursement and collections are handled by its NBFC arm, Si Creva Capital Services.

--IANS

pk