RING, a consumer loan platform, has raised Rs 100 crore in venture debt from Trifecta Capital. With this, the Mumbai-based startup has raised its first funds in 2024. RING plans to use the debt facility for on-lending and expanding its balance sheet loan book, according to a news release. Trifecta is extending its collaboration with founders Krishnan Vishwanathan, Ranvir Singh, and the RING team for the second time, with a larger check.
RING already obtained a debt of Rs 50 crore from Trifecta in early 2022. According to data intelligence platform TheKredible, the company’s parent firm, OnEMi Technologies, has raised more than $150 million (equity + debt) to date from investors including Brunei Investment Agency, Vertex Ventures, Ventureast, and others. NBFC Kissht is also part of OnEMi Technologies.
RING offers personal credit to salaried and self-employed people in Tier I, Tier II, and Tier III cities. RING claims to have attained an AUM of over Rs 3,000 crore for the financial year ending March 2024 and services over 1 crore unique borrowers thanks to its own NBFC license and access to third-party balance sheets, the business claimed in a statement, according to entrackr.
RING offers loans of up to Rs 5 lakh with flexible repayment options. It supports both online and offline payments, bill payments, and UPI transactions. Kissht, on the other hand, offers quick credit for transactions made at digital points of sale. It collaborates with NBFCs to provide easy loans through a network of over 3,000 offline merchants and 50 online outlets across 40 locations.
Kissht’s website was prohibited in February of last year after the Ministry of Electronics and Information Technology (MeitY) issued a warning targeting over 200 gambling and lending apps, the majority of which looked to be controlled by China. Later, a government official clarified that this block could have been done mistakenly. It could be the result of an error while interacting with apps that sound similar.
According to Entrackr, After a drop in FY21, Kissht RING’s parent business increased its size by nearly twofold to Rs 1,020.9 crore in FY23, up from Rs 513.6 crore in FY 22. The company’s profits fell 5.8% to Rs 59 crore in FY23 from Rs 62.6 crore in FY22, owing to ESOP-related expenses. For further information, please visit here.
