New Delhi, May 8 -- OnEMI Technology Ltd, the operator of digital lending platform Kissht, listed on the National Stock Exchange (NSE) on Friday at Rs.190 per share, an 11.1% premium to its issue price of Rs.171. The debut offers one of the clearest public-market tests yet of whether an app-first lender can be valued beyond just another unsecured credit player.

That question matters because while the market has large listed financial firms such as Bajaj Finance, Bajaj Finserv, and Aye Finance, it has few listed pure-play digital lenders of Kissht's kind. The comparison is not straightforward: established NBFCs offer scale, balance-sheet depth, and long operating histories, while Kissht argues that its technology-led underwriting, diversi...