OnEMi Technologies’ revenue doubled to INR 1,037.5 Cr in FY23 and total subscriber base stood at over 10 Mn
OnEMi founder and CEO Ranvir Singh told Inc42 the company is focussing on long-term loans and expects them to account for 75% of its loan book by the end of FY24
Besides fintech startup Kissht, OnEMi also has a consumer-first digital payments app, RING, that allows customers to make payments and offers multi-tenure loans
The consolidated net profit of Mumbai-based OnEMi Technologies Pvt Ltd surged 47% year-on-year to INR 95.5 Cr in the financial year 2022-23 (FY23) on the back of a strong growth in its business.
The company had reported a net profit of INR 62.6 Cr in FY22.
OnEMi’s revenue doubled to INR 1,037.5 Cr in FY23 and total subscriber base stood at over 10 Mn, the company said in a release.
The company attributed the increase in revenue to it leveraging its increasing base of merchant partners. It claims to have over 1.2 Lakh online and offline partners and said repeat customers accounted for over 90% of the business volume in FY23.
OnEMi said it onboarded 4 Mn new customers over the last 12 months, which it attributed to the introduction of multiple products, including transactional credit and long-term loans.
The company said it now offers a long-term loan category, with a tenure of over six months. Additionally, it recently also launched a 36-month tenure product designed for Ultra HQC (Ultra-High-Quality customers) with a bureau score of more than 780.
In an exclusive interaction with Inc42, OnEMi founder and CEO Ranvir Singh said the company is focussing on long-term loans ranging from six months to 48 months. It is aiming for long-term loans to account for 75% to 80% of its loan book by the end of FY24.
“Today we have around 9 Mn customers, but we are literally going at a rate of acquiring almost 4 Mn customers every year. These are new customers with a good repeatability rate of around 85%,” he added.
Founded in 2015 by Krishnan Vishwanathan and Ranvir Singh, OnEMi is the parent company of fintech startup Kissht which enables online and offline shopping on merchant stores by providing quick and easy EMI at the point of sale. The RBI-registered NBFCs that have tied up with Kissht take care of credit assessment, KYC processing, credit approval, and financing of consumer loans for the purchase of goods and services on its platform.
OnEMi also has a consumer-first digital payments app, RING, focused on millennials, that allows customers to make online and offline payments and offers multi-tenure loans of up to INR 3 Lakh.
Earlier this year, Kissht was one of the digital lending apps hit by the Centre’s crackdown. However, the Ministry of Electronics and Information Technology (MeitY), soon after, asked internet service providers and Google to unblock some of these apps, including Kissht.
