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| Product | Quantum (Rs. Cr) (SEBI) | Quantum (Rs. Cr) (Other FSR) | Long Term Rating | Short Term Rating | Regulated By |
| Bank Loan Ratings | 0.00 | 400.00 | ACUITE A | Stable | Reaffirmed | - | RBI |
| Non Convertible Debentures (NCD) | 0.00 | 600.00 | ACUITE A | Stable | Assigned | - | MCA |
| Non Convertible Debentures (NCD) | 0.00 | 33.80 | ACUITE A | Stable | Reaffirmed | - | MCA |
| Non Convertible Debentures (NCD) | 50.00 | 0.00 | ACUITE A | Stable | Reaffirmed | - | SEBI |
| Commercial Paper (CP) | 0.00 | 25.00 | - | ACUITE A1 | Reaffirmed | RBI |
| Total Outstanding | 50.00 | 1058.80 | - | - | - |
| Total Withdrawn | 0.00 | 0.00 | - | - | - |
| Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
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Rating Rationale |
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Acuité has reaffirmed the long-term rating to ‘ACUITE A’ (read as ACUITE A) on the Rs. 400.00 crore bank loan ratings of Si Creva Capital Services Private Limited (SCCSPL). The outlook is ‘Stable’.
Acuité has assigned the long-term rating to ‘ACUITE A’ (read as ACUITE A) on the Rs. 600.00 crore Non convertible debentures of Si Creva Capital Services Private Limited (SCCSPL). The outlook is ‘Stable’. Acuité has reaffirmed the short-term rating at ‘ACUITE A1’ (read as ACUITE A one) on the Rs. 25.00 crore proposed commercial paper of Si Creva Capital Services Private Limited (SCCSPL). Acuité has reaffirmed the long-term rating to ‘ACUITE A’ (read as ACUITE A) on the Rs. 33.80 crore Non convertible debentures of Si Creva Capital Services Private Limited (SCCSPL). The outlook is ‘Stable’. Acuité has reaffirmed the long-term rating to ‘ACUITE A’ (read as ACUITE A) on the Rs. 50.00 crore Non convertible debentures of Si Creva Capital Services Private Limited (SCCSPL). The outlook is ‘Stable’. Rationale for Rating The rating takes into consideration increased scale of operations reflected by the AUM growth, improvement in earnings profile, healthy capitalisation levels and growth in networth through the recent public issue of OnEMI technology solutions limited which owns 100 percent of shareholding in Si Creva Capital Services Private Limited which has continued to demonstrate strong business growth, with AUM increasing by 72.9% to Rs 7,066.44 Cr as on March 31, 2026 from Rs 4,086.64 Cr as on March 31, 2025. The growth was driven by expansion in both the owned book and managed book. The profitability as marked by PAT at consolidated level for FY25 which stood at Rs.160.62 Cr which has improved to Rs 281.45 Cr in FY26. The rating also takes into account the comfortable capital structure at consolidated levels (OnEMI Technology Solutions Limited- OnEMI is the parent company) which is recently been listed on both the exchanges and has received Rs 850 Cr from the public issue. As on June 30, 2026. OnEMI reported Networth and gearing of Rs. 2245.07 Cr. and 0.91 times, respectively. (Networth and gearing of Rs. 1342.78 Cr. and 1.81 times respectively as on March 31, 2026). As of June 30, 2026, the promoters hold 24.8 percent of shareholding in OnEMI Technology Solutions Limited, while remaining is held by Foreign Corporate Bodies ,Domestic and Foreign Institutional Investors and Retail and others. These strengths are however partially offset by inherent risks characteristics associated with the unsecured lending segment. While Acuite takes cognizance of the company’s provision and write-offs policy, asset quality will continue to be a key monitorable given the unsecured nature of portfolio. Additionally, Acuité believes the ability of SCCSPL to profitably scale up its portfolio while maintaining robustness of its technology platform given the evolving nature of FinTech model is also a key rating monitorable. |
| About the Company |
| Si Creva Capital Services Private Limited (SCCSPL), incorporated on 8th July 2015 and headquartered in Mumbai, is a wholly owned subsidiary of OnEMI Technology Solutions Limited (OnEMI). The company obtained its certificate of registration from the Reserve Bank of India (RBI) on 8th September 2016, authorizing it to operate as a Non-Banking Financial Company (NBFC) without accepting public deposits. SCCSPL was founded by Mr. Ranvir Singh and Mr. Krishnan Vishwanathan, both former McKinsey consultants and alumni of IIM Bangalore and Yale University, respectively. SCCSPL offers a range of financial products designed to meet the credit needs of its customers. The company provides unsecured loans with tenures ranging from 6 to 60 months, catering to long-term financial requirements. The Company utilizes proprietary algorithms to assess the creditworthiness of its customers in real-time, enabling instant credit approval. The company's underwriting model evaluates more than 7000 data variables spanning bureau information, banking behaviour, transactions history, device intelligence, and alternative data sources. |
| About the Group |
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OnEMI, the holding company of SCCSPL, owns and operates under the 'Kissht' brand.' Kissht is a technology-driven digital lending platform that offers innovative, fully digital financial products that provide consumers with seamless and easy access to credit. OnEMI collaborates with various NBFCs, including SCCSPL, to deliver a range of financial products to its customers. The company also onboards customers through a wide network of offline small merchants, including stores in the food and beverage, grocery, and pharmaceutical sectors, as well as through digital marketing initiatives.
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| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Extent of Consolidation |
| •Full Consolidation |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Acuité has considered the consolidated business and financial risk profile of OnEMI Technology Solutions Limited (OnEMI), the parent company of Si Creva Capital Services Private Limited. This approach is in the view of the equity funds raised by the Holding Company OnEMI and subsequently down streamed to its operating Subsidiary (SCCSPL). Acuité has further factored in the benefits arising from the structure while arriving at the final rating. This approach is also in view of common management besides financial and technology support from OnEMI to SCCSPL.
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| Key Rating Drivers |
| Strength |
| Comfortable capitalization levels coupled with demonstrated fund raising ability
OnEMI Technology Solutions Limited has received Rs 850 Cr. from the IPO proceed, having listed in May 2026. Out of the IPO proceeds, 75 percent is down streamed to the NBFC for the further disbursements. While the remaining maintained in fixed deposits would be utilised for technology upgradations/ improvements. The company’s parent company, OnEMI Technology Solutions Limited continues to be backed by marquee investors such as VentureEast, Vertex Growth, Sistema and others and has raised capital through multiple rounds of equity till date. This has resulted into comfortable capitalisation levels, where CRAR stood at 25.28 percent as on March 31, 2026 as against 25.18 percent as on March 31, 2025. Post the listing in May 2026, out of the Rs 850 Cr. received through the public issue, Rs 637.50 Cr has been infused in the NBFC through a rights issue in May 2026. The CAR as of June 30, 2026 increased to 40.19 percent. As on June 30, 2026. OnEMI reported Networth and gearing of Rs. 2245.07 Cr. and 0.91 times, respectively. (Networth and gearing of Rs. 1342.78 Cr. and 1.81 times respectively as on March 31, 2026). As of June 30, 2026, the promoters hold 24.80 percent of shareholding in OnEMI Technology Solutions Limited, while remaining is held by Foreign Corporate Bodies ,Domestic and Foreign Institutional Investors and Retail and Others. Acuité expects the company's comfortable capital structure presently and adequate capitalization levels are expected to support future business growth and balance sheet expansion. Improvements in earnings profile SCCSPL operates in the retail space and provides personal loans and loan against property. The profitability as marked by PAT at consolidated level for FY25 which stood at Rs.160.62 Cr. which has grown to Rs 281.45 Cr. in FY26. OnEMI, continues to earn revenue majorly from the interest on loans provided through Si Creva, Sourcing and servicing fees. The company is in a branch expansion phase with respect to its LAP portfolio wherein it currently has 98 branches as of March 31, 2026 and 101 branches as of June 30,2026. Acuité believes that the company's ability to sustain profitability will depend on its operational efficiency and continued growth momentum. The company's ability to maintain operating expenses and contain credit costs while scaling its portfolio will remain key monitorables going forward. Sustained improvement in these parameters will be critical for supporting earnings and overall financial performance. Healthy Scale-up in Loan Book The company has a pan-India presence for its Personal Loan (PL) and Loan Against Property (LAP) products through a predominantly digital model, supported by 98 branches for the LAP segment as on March 31, 2026 and 101 branches as on June 30,2026. The PL portfolio, backed by a fully digital lending journey, continues to be the primary contributor to AUM, while LAP accounts for 7.7% of total AUM as on June 30,2026.The company has established co-lending partnerships with Piramal Finance, MAS Financial Services,Northern Arc Capital and SMFG India Credit, and recently added Vivriti Capital, Utkarsh SFB, and Aditya Birla Capital. These partnerships have significantly contributed to the growth of off-book AUM. On the sourcing side, the company leverages a diversified mix of merchant channels, partnership channels, digital marketing, and direct website-originated business. The expansion of these sourcing channels has been a key driver of the growth witnessed in the on-book portfolio. The company continued to demonstrate strong business growth, with AUM increasing by 72.9% to Rs 7,066.44 Cr. as on March 31, 2026 from Rs 4,086.64 Cr. as on March 31, 2025. The growth was driven by expansion in both the owned book and managed book, which increased to Rs 3,556.26 Cr. and Rs 3,510.19 Cr, respectively, from Rs 2,474.58 Cr. and Rs1,612.06 Cr in FY25. Further, as on June 30 2026, the AUM stood at Rs 8,000.75 Cr. from Rs 4,971.54 Cr. as on June 30, 2025. The company's total disbursements increased to Rs 12,810 Cr. in FY26 from Rs. 9775.98 Cr. in FY25. Going forward, the ability of the company to grow sustainably would be key monitorables. |
| Weakness |
| Asset quality susceptible to risks; Though increasing write offs
The asset quality of the company has improved slightly for the year where gross NPA stood at 2.12 percent as on March 31, 2026 (2.89 percent as on March 31, 2025). Net NPA stood at 0.29 percent as on March 31,2026 (0.25 percent as on March 31, 2025). For Q1 FY27, the gross NPA stood at 2.25 percent and Net NPA at 0.36 percent.The company's write-offs increased from Rs. 349.34 Cr. in FY24 to Rs. 437.98 Cr. in FY25, before moderating marginally to Rs. 408.74 Cr. in FY26. Going forward, asset quality metrics will remain a key monitorable, with trends in delinquencies, credit costs, and write-offs being critical indicators of portfolio performance. The write-off-to-disbursement ratio will continue to be an important measure of underwriting effectiveness and portfolio quality as the company scales its operations. Technology and regulatory risks Given that innovative technology is the backbone of FinTech business model, the company is exposed to technology risks encompassing data security, privacy and technology failure. Since all the business functions including data storage, disbursals and collections mechanism is done digitally, any breach shall expose the company to cyber events and liabilities arising thereon.The ability of the self-learning algorithms to underwrite better quality assets is still evolving and remains to be proved at the technology front in order to scale up the business operations. |
| ESG Factors Relevant for Rating |
| SCCSPL belongs to the NBFC sector which continues to complement the efforts of banks in enhancing small ticket retail lending in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. The entity has made adequate disclosures regarding its policies on related party transactions. It also adheres to Reserve Bank of India’s Fair Practices Code and has the necessary interest rate and grievance redressal policies. OnEMI Technology Solutions Limited’s board of directors consist of 5 directors with 3 Independent Directors including one woman independent director and two executive directors as on date. They aim to make credit highly accessible to the salaried and self-employed segment through adoption of technology. SCCSPL supports community development through CSR projects mainly aimed at promotion of education, eradication of hunger, environmental sustainability, protection of national heritage and culture among other causes. |
Rating Sensitivity
| Potential triggers (individual or collective) for an upward rating action: |
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| Potential triggers (individual or collective) for a downward rating action: |
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| Liquidity Position |
| Adequate |
| The company maintains adequate liquidity position marked by no negative cumulative mismatches as per the ALM statement dated June 30, 2026. Over the one year period, the company has scheduled debt repayment obligations of Rs 1467.93 Cr. against expected collections from loans of Rs 2934.39 Cr. as of June 30, 2026. Further, the liquidity profile is supported by cash and cash equivalents of Rs 656 Cr. on a consolidated basis as of June 30, 2026. |
| Outlook : Stable |
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| Other Factors affecting Rating |
| None |
| Key Financials - Standalone / Originator | ||||||||||||||||||||||||||||||||||||||||
**Total income equals Net Interest Income plus other income. **RoAA basis on balance sheet assets ^GNPA, NNPA are calculated at the consolidated level |
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| Key Financials (Consolidated) | ||||||||||||||||||||||||||||||||||||||||
**RoAA basis on balance sheet assets |
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| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any Other Information |
| None |
| Applicable Criteria |
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• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.htm • Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm |
| Note on complexity levels of the rated instrument |
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| Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||
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Contacts |
List of instruments and names of regulators of the instruments |
