OnEMI Technology Solutions, known for its digital lending platform Kissht, is set to raise ₹850 crore (approximately $102 million USD) through an initial public offering (IPO) to enhance its lending subsidiary's capital base. Additionally, the company plans to raise ₹75.9 crore through an offer for sale, resulting in a reduction of promoter shareholding from 35.2% to 24.8% post-IPO. The firm has reported impressive growth, with assets under management (AUM) increasing by 80% annually to reach ₹4,086 crore and net profit soaring 141% to ₹160.6 crore as of December 2025. However, the company faces challenges, including a 3% gross non-performing asset ratio and a heavy reliance on unsecured personal loans, which constitute 94% of its AUM. Despite these risks, the digital lending market is expected to expand significantly, projected to grow to ₹4.1 lakh crore by FY30 from ₹60,000 crore in FY25. OnEMI's valuation stands at a price-to-book (P/B) multiple of 1.4, compared to its peers, which trade at multiples ranging from 1.3 to 3.