OnEMi Technologies’ revenue doubled and profit suggest by 50% in FY2023

OnEMi Technologies Pvt Ltd, the parent organisation of Kissht and RING reported a significant 100 per cent increase in its revenue from FY22, hitting INR 1037 crore during FY23, with over 10 million total subscribers. This accomplishment is the result of improved acquisition from over 1.2 lakh online and offline merchant partners. Notably, more than 90 per cent of the business volume came from returning consumers. This demonstrates the platform’s easy accessibility and effective solutions that meet a wide range of financial requirements. Fortified by a laser-like focus on innovation and client experience, the business is upping the ante and establishing itself as a leader in the fintech industry.

The company’s profits, which increased dramatically from INR 65 crores in FY22 to INR 95.5 crores in FY23, show RING’s expanding power in the financial sector.
With an astounding 4 million new clients added in the last year, OnEMI Technology’s customer base has grown rapidly. The business has launched a number of products, such as long-term loans and transactional credit. The company provides goods in the long-term loans sector with tenures greater than six months. A 36-month tenure product that is intended for Ultra HQC (Ultra High-Quality consumers) with a bureau score of greater than 780 has also recently been added. These accomplishments demonstrate the company’s unwavering dedication to offering a wide range of financial solutions to a varied clientele in both metropolitan and non-urban areas, thereby solidifying its standing as a go-to fintech partner.

Commenting on the same, Ranvir Singh, Founder and CEO, of RING, said “OnEMi Technologies has performed exceptionally well, fuelled by increased awareness and trust around fintech services. We owe our success to customer centricity and our continuous effort in making our product experience seamless increasing adoption and retention of customers. We continue to have a large focus on our long-term book and are well on our path to having 75% of our book contributed by long-term credit by the end of this fiscal, making us a trusted alternative to traditional banking solutions. We are proud of our journey as a profitable Fintech company as we continue to be the lender of choice for a large base of Indian customers.

With eight partners, including banks and bigger NBFCs, RING is still concentrating on off-book collaborations to broaden its portfolio of digital financial products and provide a seamless client experience. Two significant certifications for RING’s information security technologies were recently obtained.