OnEMI Tech raises nearly Rs 832 crore through preferential issue of securities
The aforementioned fund raising proposal is subject to the approval of the shareholders and requisite regulatory and statutory approvals.
The company stated that marquee investors, including Axis Mutual Fund, HDFC Mutual Fund, Massachusetts Institute of Technology, White Oak, 360 One, Groww Mutual Fund, Bandhan Mutual Fund, have participated in the proposed preferential issue.
The company aims to further strengthen its capital position and support its next phase of growth through the fundraise.
The major chunk the additional capital raised will be infused in Si Creva Capital Services, the wholly owned subsidiary of the company to provide Kissht with greater financial flexibility to scale its lending business, strengthen its technology and digital capabilities, expand its product offerings, and deepen its reach across its target customer segments.
The remaining balance from the fundraise will used for general corporate purpose which is also expected to support Kissht?s broader growth strategy as the company continues to strengthen its position in India?s rapidly evolving digital financial services ecosystem.
Kissht is also targeting multiple credit rating upgrades over the next two years, supported by strong capitalisation and continued high-quality credit growth. These upgrades can create a powerful multiplier effect: lowering the cost of borrowing, expanding access to a broader and more diversified pool of capital, and increasing funding capacity.
The resulting reduction in funding costs should strengthen margins and profitability, while the larger funding base will allow Kissht to scale lending without compromising its credit discipline.
Kissht, operated by OnEMI Technology Solutions, is a technology-first digital lending platform serving India's mass-market and mass-affluent segments. Through its NBFC-Middle Layer subsidiary, Si Creva Capital Services, Kissht offers personal loans and loan against property to salaried and self-employed customers.
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