OnEMI Technology Solutions Limited, the listed parent company of digital lending platform Kissht, has announced its Board of Directors’ approval for raising approximately ₹832 crore through a preferential issue of securities. This move aims to strengthen the company’s capital position and support its next phase of growth.

Strategic Capital Infusion

The majority, 75% of the additional capital raised will be infused into Si Creva Capital Services Private Limited, Kissht’s wholly-owned subsidiary. This infusion will provide Kissht with greater financial flexibility to scale its lending business, enhance its technology and digital capabilities, expand product offerings, and deepen its reach across target customer segments.

Supporting General Corporate Purposes

The remaining 25% of the fundraise will be used for general corporate purposes, expected to support Kissht’s broader growth strategy. This strategic capital raise is anticipated to position Kissht as a more resilient, well-capitalized platform capable of sustaining growth through varying credit cycles.

Marquee investors, including Axis Mutual Fund, HDFC Mutual Fund, Massachusetts Institute of Technology, White Oak, 360 One, Groww Mutual Fund, Bandhan Mutual Fund, have participated in this preferential issue. The company’s focus on strengthening its capital adequacy ahead of potential credit rating upgrades aims to lower the cost of borrowing, expand access to a broader pool of capital, and increase funding capacity.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of OnEMI Technology Solutions Limited

OnEMI Technology Solutions Limited belongs to the Financial Services › Credit Services sector. Here’s a quick read on where the business and the stock stand today.

OnEMI gains 21.7% over three months and trades near its 52-week highs. The PEG of 0.27 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. The business compounds revenue at 16.6% and profits at 140.9% CAGR. That is strong double-digit growth on both counts. RSI hits 71, a level that signals the stock runs hot. Notably, buyers drove volume on 17 recent sessions — though at these levels, some profit-taking is normal. Both the business and the stock move in the right direction. Revenue grows at 16.6%, profits at 140.9%, and the PEG sits at 0.27 — below its growth rate. That combination is rare. Check Fundamentals of OnEMI Technology Solutions Limited.

UGRO Capital Limited (NSE: UGROCAP) announced today that it has raised INR 380 crore through the issuance of senior, secured, rated, listed, redeemable and transferable Non-Convertible Debentures (NCDs), fully subscribed by Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), the Dutch entrepreneurial development bank. This marks FMO’s third investment in UGRO Capital in under three years, following NCD investments of INR 250 crore in December 2023 and INR 260 crore in February 2025. The five-year tenor of the new instrument matches the long-duration secured lending that UGRO extends to small businesses in Tier-3 towns and beyond.

Strategic Investment

The investment continues UGRO Capital’s strategy of building a diversified, long-tenor institutional funding base that is less dependent on the domestic banking system. The Company has now raised over INR 1,300 crore of debt from development finance institutions and impact-focused investors in India and globally, including FMO, IFU, the Danish sovereign development fund, the Asian Development Bank (ADB), Triple Jump, BlueOrchard, responsAbility, Calvert Impact Capital, Enabling Qapital, GMO, WaterEquity and MicroVest, among others.

Impactful Financing

In line with FMO’s mandate, the proceeds will be deployed towards financing for women-owned and women-led SMEs, youth-owned and youth-led SMEs and rural SMEs, and will also contribute towards the financing or refinancing of eligible green projects aligned with FMO’s sustainability approach. UGRO Capital serves the segment of Indian enterprise that the formal credit system has historically been unable to reach: businesses with turnover below INR 3 crore that lack the tax and audited records conventional lenders require.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Ugro Capital Limited

Ugro Capital Limited belongs to the Financial Services › Credit Services sector. Here’s a quick read on where the business and the stock stand today.

Ugro falls 14.1% over three months and has not found a floor yet. The PEG of 0.09 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. Premium net margins of 24.0% demonstrate strong cost discipline and a wide competitive moat. RSI stands at 29, well into oversold territory. Yet sellers still dominated on 19 of recent sessions versus 11 for buyers, so the pressure has not fully lifted. Revenue grows at 42.4% and profits at 63.8% CAGR, with D/E of 0.00. Meanwhile, the stock dips 14.1% in three months without any fundamental deterioration. Consequently, the stock quietly becomes cheaper relative to earnings power. For long-term investors, that is a feature. Check Fundamentals of Ugro Capital Limited.

Muthoot Microfin Limited (MUTHOOTMF), one of India’s leading listed microfinance institutions, has raised ₹250 crore through the allotment of listed, rated, secured, and redeemable Non-Convertible Debentures (NCDs) on a private placement basis. This latest fund raise forms part of Muthoot Microfin’s continued strategy to strengthen its funding profile, diversify its liability mix, and optimise its overall cost of borrowing.

Strategic Funding Move

The NCDs will be listed on BSE Limited. As part of this issuance, the Company has allotted 2,50,000 NCDs of ₹10,000 each, aggregating to ₹250 crore, with a tenure of 24 months and a coupon rate of 9.25% per annum, payable monthly. This move is well within the limits approved by the Company’s Board of Directors and underscores the continued confidence of investors in Muthoot Microfin’s financial strength and growth trajectory.

CEO Commentary

Commenting on the development, Mr. Sadaf Sayeed, CEO, Muthoot Microfin Limited, said, ‘The ₹250 crore fund raise is an important step towards strengthening our funding profile and maintaining access to diversified sources of capital. Our cost of funds declined by 75 bps in FY26, and we remain focused on consistently optimising our borrowing costs. The recent upgrade in our credit rating to CRISIL AA-/Stable further strengthens our ability to access funding at competitive rates and optimise our liability mix. Over the medium term, this will also support our focus on strengthening margins while continuing to grow responsibly and serve more customers across our markets.’

The instruments are secured by a first-ranking, exclusive charge over the Company’s receivables, reinforcing the strength of the issuance.

As on 30th June 2026, the Company has 3.25 million active customers served through 1,671 branches spread across 21 states and 392 districts with a Gross Loan Portfolio (GLP) of ₹14,457.2 crore. Muthoot Microfin Limited is also part of S&P BSE Financial Services Index.

This strategic NCD issuance will enable Muthoot Microfin to further its growth plans and financial inclusion drive, ensuring continued support to women entrepreneurs and underprivileged communities across India.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Muthoot Microfin Limited

Muthoot Microfin Limited belongs to the Financial Services › Credit Services sector. Here’s a quick read on where the business and the stock stand today.

Muthoot posts a 4.7% three-month gain, but softens in the last few weeks. The PEG stands at 10.23 — severely stretched. Any earnings miss could trigger a sharp de-rating. D/E reaches 3.08. High leverage in this environment is a material risk the market cannot ignore. Sellers drive 2.1x the volume of buyers. Furthermore, they controlled 18 of recent sessions versus 12 for buyers — a clear distribution signal. Revenue grows at 19.5% and the stock moves sideways over three months. Neither side makes a strong case. The next earnings print will likely break this stock out of its current range. Check Fundamentals of Muthoot Microfin Limited.