OnEMI Technology Solutions Limited, the parent and operating company of digital consumer lending platform Kissht, registered sharp double-digit expansion during the second quarter of FY27, pushing its consolidated Assets Under Management (AUM) to ₹9,317 crore.
According to provisional business update disclosures filed for the quarter ended September 30, 2026, the company’s loan book expanded 68.4% year-on-year from ₹5,533 crore recorded on September 30, 2025.
The milestone underscores the resilience of digital lending balance sheets in India, where technology-led underwriters are leveraging real-time account aggregator rails, automated bank statement analyzers, and alternative credit assessment models to serve underbanked salaried and self-employed borrowers across non-metro regions.
Financial Metrics: Q2 FY27 Operational Performance
The September 2026 quarter saw balanced momentum across asset expansion, origination velocity, and customer acquisitions.
[ OnEMI TECH (KISSHT) Q2 FY27 PERFORMANCE SCORECARD ]
Operational / Financial Metric Sep 30, 2025 Sep 30, 2026 YoY Change (%)
──────────────────────────────────────────────────────────────────────────────────────────
Assets Under Management (AUM) ₹5,533 Crore ₹9,317 Crore +68.4%
Quarterly AUM Net Addition — ₹1,316 Crore +16.4% (QoQ)
Gross Quarterly Disbursements — ₹4,612 Crore Robust Originations
Registered User Base 59.96 Million 79.54 Million +32.6%
Cumulative Borrowers Served 10.45 Million 12.80 Million +22.5%
Primary Credit Segments Personal Credit, Small Business Lines, LAP
──────────────────────────────────────────────────────────────────────────────────────────
1. Sequential Velocity
On a sequential basis, OnEMI added ₹1,316 crore in net AUM during Q2 FY27 alone, representing a 16.4% quarter-on-quarter increase over the Q1 FY27 closing figure (approximately ₹8,001 crore). This illustrates that portfolio growth accelerated heading into the pre-festive September period rather than plateauing.
2. Quarterly Loan Inflow
With gross disbursements reaching ₹4,612 crore in a single three-month window, the company maintained an annualized origination run-rate approaching ₹18,000 crore. The volume reflects high velocity in revolving credit lines and short-tenure personal loans where repayments are continuously recycled into fresh originations.
3. Customer Footprint Across Tier-2 and Tier-3
The registered user base expanded by nearly 20 million accounts over the year to touch 79.54 million. More critically, unique cumulative customers who have accessed loan drawdowns climbed to 12.80 million, up by 2.35 million borrowers from the 10.45 million benchmark recorded in September 2025.
Portfolio Strategy: Balancing Unsecured Volumes with Secured LAP
While Kissht established its presence through instant unsecured consumer loans and point-of-sale checkout financing, OnEMI’s asset growth strategy has diversified to mitigate credit risk.
[ PORTFOLIO DERISKING ARCHITECTURE ]
[ UNSECURED DIGITAL VERTICAL ] [ SECURED LENDING VERTICAL ]
• Instant Personal Loans • Loan Against Property (LAP)
• Merchant Working Capital Lines • Medium-Ticket Collateralized Loans
• Short-Tenure Revolving Limits • Multi-Year Repayment Profiles
│ │
└───────────────────────┬────────────────────────┘
│
▼
[ CONSOLIDATED AUM: ₹9,317 CRORE ]
• Blended Net Interest Margins (NIM)
• Enhanced Capital Adequacy Buffers
• Lower Consolidated Credit Costs
The Loan Against Property (LAP) Diversification
In response to heightened regulatory sensitivity from the Reserve Bank of India (RBI) regarding pure unsecured consumer lending, OnEMI has scaled its Loan Against Property (LAP) book.
By providing credit secured by residential or commercial property to micro-enterprises and self-employed proprietors:
- Longer Tenures & Sticky Assets: LAP assets feature longer repayment tenures (3 to 7 years), reducing month-to-month portfolio churn compared to 3-to-12-month consumer credit lines.
- Lower Risk Weightings: Backing a portion of AUM with physical real estate dampens the impact of higher risk weights mandated by the central bank on unsecured personal loans.
- Blended Margin Defense: While secured loans yield lower gross percentage interest rates than unsecured advances, lower delinquency and credit write-off rates yield stable net credit returns.
Regulatory Compliance and the Direct-to-App Lending Rails
OnEMI operates through a combination of its wholly-owned in-house non-banking financial company (NBFC) license—Si Creva Capital Services Private Limited—and strategic co-lending partnerships with scheduled commercial banks and larger institutional balance sheets.
+─────────────────────────────────+──────────────────────────────────────────────────────────────+
| Structural Pillar | Operational Alignment |
+─────────────────────────────────+──────────────────────────────────────────────────────────────+
| In-House NBFC Rail | Si Creva Capital Services (Captive balance sheet underwriting)|
| Institutional Co-Lending | Originates loans with scheduled commercial banks & NBFCs |
| Digital Lending Norms (DLG) | Direct borrower-to-lender disbursals; zero synthetic pools |
| Public Equity Route | Pre-IPO institutional scaling ahead of planned draft filings |
+─────────────────────────────────+──────────────────────────────────────────────────────────────+
Following the RBI’s comprehensive Digital Lending Guidelines (DLG) and tight restrictions on First Loss Default Guarantees (FLDG), the company transitioned entirely to direct disbursal and repayment mechanisms between regulated entities (REs) and borrower bank accounts.
The institutional shift proved advantageous: rather than relying on shadow balance-sheet structures, OnEMI deepened co-lending relationships with institutional lenders, using its algorithm-driven proprietary risk scoring engine to curate credit-eligible borrower cohorts at scale.
Industry Consequences and the Fintech IPO Pipeline
OnEMI’s rapid climb toward the ₹10,000-crore AUM threshold carries broader strategic significance for the Indian financial technology landscape:
[ FINTECH MATURATION VECTOR ]
HISTORIC MODEL (2018–2022) CURRENT OPERATING REALITY (2025–2027)
───────────────────────────────── ─────────────────────────────────────
• High customer acquisition cost (CAC) • Organic expansion across 79M+ registered base
• Heavy dependency on FLDG structures • Direct balance sheet & compliant co-lending
• Pure focus on unsecured micro-lines • Secured product mix via Loan Against Property
• Venture equity cash-burn model • Sustained operating profits & public market prep
- Approaching the ₹10,000-Crore Milestone: Breaching ₹9,317 crore positions OnEMI among an elite tier of profitable, large-scale non-bank digital credit platforms in India, closing the gap with listed peers like KreditBee, Fibe, and Navi.
- Capital Markets Preparation: As institutional investors reassess tech valuations, sustained AUM compounding (+68.4% YoY) paired with a growing physical collateral mix provides an attractive narrative for planned public market listings (IPO), where investors reward balance-sheet predictability over pure transaction volume.
- Borrower Maturation: With cumulative customers served surpassing 12.80 million, OnEMI is cross-selling larger loan tickets to historically prompt payers, significantly lowering its customer acquisition costs (CAC) compared to early-stage platforms forced to buy digital traffic.
What Lies Ahead for OnEMI and Kissht
As OnEMI moves into the third quarter of FY27—historically the peak consumer expenditure window encompassing Diwali and year-end festivities—several strategic milestones will determine its operational trajectory:
- Crossing the ₹10,000-Crore AUM Mark: With Q2 ending at ₹9,317 crore after adding ₹1,316 crore in three months, the company is on track to cross the five-digit milestone within the first half of Q3 FY27.
- Managing Credit Quality Through Peak Season: Rapid seasonal originations will test the platform’s collection recovery algorithms, particularly in maintaining Gross Non-Performing Asset (GNPA) ratios within sustainable sub-2.5% thresholds.
- Secured Portfolio Weighting: Observers will watch what proportion of total AUM the Loan Against Property vertical captures as the company aims to derisk its balance sheet ahead of potential capital market filings.
Frequently Asked Questions
What is OnEMI Technology Solutions?
OnEMI Technology Solutions Limited is the parent fintech company that operates the popular Indian digital credit and personal loan application Kissht, alongside captive lending operations via its registered NBFC, Si Creva Capital Services.
How much did OnEMI’s AUM grow in Q2 FY27?
OnEMI’s Assets Under Management grew 68.4% year-on-year to reach ₹9,317 crore on September 30, 2026, up from ₹5,533 crore recorded on September 30, 2025. Sequentially, AUM rose 16.4% from the prior quarter.
How much credit did the platform disburse in the September quarter?
The platform recorded overall quarterly loan disbursements of approximately ₹4,612 crore during the three months ended September 30, 2026.
How many customers use Kissht and OnEMI platforms?
As of September 30, 2026, the company reported a registered user base of 79.54 million (a 32.6% YoY increase) and a cumulative served customer base of 12.80 million borrowers (up 22.5% YoY).
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