Kissht eyes multiple rating upgrades with Rs 832 cr preferential issue

OnEMI Technology Solutions, the listed parent of digital lender Kissht, plans to raise Rs 832 crore through a preferential issue, with about 75% of the proceeds earmarked for its non-banking financial company (NBFC) subsidiary, founder and CEO Ranvir Singh said. The remaining funds will be used for technology, artificial intelligence (AI) and general corporate purposes.

“The idea is to target multiple credit rating upgrades over the next two years,” Singh told FE. “One of the most cardinal factors for all the rating agencies is the kind of size you have from a net worth perspective.”