OnEMI Technology Solutions Limited, a prominent Indian fintech company, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on August 19, 2025.
The public offering comprises:
A fresh issue of equity shares aggregating up to ₹1,000 crore
An offer for sale (OFS) of up to 8,879,575 equity shares by investor selling shareholders
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The company is best known for operating under the consumer credit brand ZestMoney, and the IPO is expected to provide significant growth capital and an exit route for key investors.
Parties Involved
Issuer
OnEMI Technology Solutions Limited
Book Running Lead Managers (BRLMs)
JM Financial Limited
HSBC Securities and Capital Markets (India) Private Limited
Nuvama Wealth Management Limited
SBI Capital Markets Limited
Centrum Capital Limited
Law Firms and Deal Teams
JSA Advocates & Solicitors
Legal Counsel to the BRLMs
JSA is acting as legal counsel to the book running lead managers in this IPO. Their scope includes conducting due diligence, advising on regulatory compliance, and reviewing offer documents.
Deal Team:
Arka Mookerjee, Lead Partner
Siddhartha Desai, Partner
Govind Roy, Senior Associate
Prateek Khandelwal, Associate
Aditya Shendye, Associate
Anvita Sinha, Associate
Aditi Khandal, Associate
Sourav Jena, Associate
Johann Duckworth, Junior Associate
No other law firms have been reported as involved as of the DRHP filing date.
About the Company
OnEMI Technology Solutions Limited is a leading fintech player in India, most recognized for its “Buy Now, Pay Later” (BNPL) and embedded finance solutions under the ZestMoney brand. The company provides instant credit access to underserved and new-to-credit customers through partnerships with thousands of online and offline merchants.
Founded: 2015
User base: Over 17 million
Retail partnerships: 10,000+ merchants
Focus areas: Embedded credit, BNPL, AI-driven credit scoring
Strategic Significance
The IPO is set to:
Strengthen OnEMI’s balance sheet
Support technology and product innovation
Enable platform scalability
Provide liquidity to existing investors
This listing also reflects growing investor confidence in India’s digital lending sector and adds momentum to fintech IPO activity in the country.
Why It Matters
Fintech IPO push: Follows a wave of recent tech-backed public listings
JSA’s Capital Markets Practice: Continues to advise on large-cap fintech deals
Digital inclusion: Highlights innovation in credit access for underserved populations
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
