OnEMi Technologies Pvt Ltd, the parent entity of IPO-bound fintech startup Ring (earlier known as Kissht) and systemically important non-deposit taking NBFC Si Creva, saw its net profit decline to Rs 161 crore in the financial year ended March 31, 2025 (FY25), as per a report by credit rating agency Crisil Ratings.

The digital lending entity reported a net profit of Rs 197 crore in FY24. 

The credit rating agency, in a note dated July 4 for the company’s NBFC arm Si Creva Capital Services Private Limited, shared that OnEMI's total income also fell to Rs 1,353 crore during FY25, compared to Rs 1,700 crore in the year ago period. 

On a standalone basis, the NBFC arm Si Creva also reported decline in income from Rs 1,295 crore in FY24 to Rs 1,093 crore in FY25. Whereas, the profit grew marginally from Rs 124 crore in FY24 to Rs 128 crore in FY25.

The profitability -- according to Crisil's note -- got impacted largely due to the "one-time sizeable write-off" taken by the company in the first quarter of FY25 as it discontinued short-term loan product. 

During FY25, the group witnessed rise in delinquencies primarily "on account of rise in share of longer-tenured personal loan book, having a write-off policy of 180+ dpd. As a percentage of average disbursements, the adjusted 90+ dpd (including 12 months write-off) stood at 4%, as on March 31, 2025 (3.3% as on March 31, 2024), increased due to one-time sizeable write-offs during the first quarter of fiscal 2025."

The Mumbai-based digital lender, offers unsecured personal loans with tenure of three months to thirty six months and a ticket size varying from Rs 5,000-Rs 500,000. 

During FY25, disbursements moderated to Rs 9,776 crore (on-book disbursements of Rs 7,422 crore and off-book disbursements of Rs 2,354 crore), as the group discontinued its short-term product. This was against disbursements of Rs 18,527 crore in FY24 (On-book disbursements of Rs 10,077 crore and off-book disbursements of Rs 8,450 crore). 

"Despite drop in disbursements in the last fiscal, due to the higher focus by the group towards longer tenured and higher ticket size loans, the AUM had grown to Rs 4,129 crore from Rs 2,670 crore in fiscal 2024. Of the total AUM, loans carrying a tenure of six months or higher constituted 99.5% share as on March 31, 2025 (from 65% as on March 31, 2024)," the rating agency said in its note.

The group has also started loans against property (LAP) business recently in a branch-led model. While this is at a nascent stage with AUM of Rs 75 crore, the group plans to scale this business too over the near to medium term.

As of May 31, 2025, the group had unencumbered cash and cash equivalent of Rs 143.7 crore. "This will cover around one month of repayment. Additionally, the group’s average monthly collections stood at over Rs 400 crore over the last six months."

Founded by Ranvir Singh and Krishnan Vishwanathan, the company has raised about Rs 527 crore of equity since inception, with the last equity raise being Rs 256 crore in the first quarter of fiscal 2023. The investors include, Vertex Growth, Brunie Investment Agency, Venture East, Sistema, Endiya and others. The networth of the group remained at Rs 1,006 crore as on September 30, 2024.