Digital lending platform RING absorbs Rs. 100 crore from Trifecta Capital as Debt
Digital Payment app RING has raised Rs. 100crore in venture debt from Trifecta Capital. With this funding, the company got its first fundraising round in 2024. The company is planning to utilize this debt facility for on-lending and growing the balance sheet of their loan book.
By participating in the funding round, Trifacta has extended its hand of friendship to founders Krishnan Vishwanathan, Ranvir Singh, and the RING team, for a second time and with a larger cheque. prior to this RING has bagged Rs.50 crore debt from Trifecta in early 2022.
According to the report of data intelligence platform, TheKredible the company’s parent firm OnEMi Technologies has raised over $150 million (equity + debt) to date from the likes of Brunei Investment Agency, Vertex Ventures, Ventureast, and more. NBFC Kissht is also a part of OnEMi Technologies.
The digital payment platform RING claims to offer personal credit to salaried and self-employed individuals in tier I, tier II, and tier III cities. With their own NBFC license and access to third-party balance sheets, RING declared to have achieved an AUM of over Rs. 3,000 crore for the financial year ending March 2024, and serves more than 1 crore unique borrowers, the company said in a statement.
The startup offers loans upto Rs. 5 lakh with flexible repayment options. It has access to online and offline payment, bill payments, and UPI transactions, Kissht, on the contrary provides instant credit for purchases at digital points of sale. It partners with NBFCs to offer easy loans through a network of more than 3,000 offline merchants and over 50 online stores in 40 cities.
During the last February, Kissht’s website was blocked abiding by the notice of the Ministry of Electronics and Information Technology (MeitY) which was targeting over 200 gambling and lending apps, most of which appeared to be operated from China. Then, a government official clarified that this block might have been done inadvertently. It could be due to an error when dealing with apps that sound similar.
After facing a sharp loss in FY21 Kissht successfully managed two-fold growth in scale to Rs. 1,020.9 crore in FY23 from Rs. 513.6 crore in FY22. The company’s profits rate faced a sharp decline of 5.8% to Rs. 59 crore in FY23 against Rs. 62.6 crore in FY22, which can be attributed to ESOP-related expenses.
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By participating in the funding round, Trifacta has extended its hand of friendship to founders Krishnan Vishwanathan, Ranvir Singh, and the RING team, for a second time and with a larger cheque. prior to this RING has bagged Rs.50 crore debt from Trifecta in early 2022.
According to the report of data intelligence platform, TheKredible the company’s parent firm OnEMi Technologies has raised over $150 million (equity + debt) to date from the likes of Brunei Investment Agency, Vertex Ventures, Ventureast, and more. NBFC Kissht is also a part of OnEMi Technologies.
The digital payment platform RING claims to offer personal credit to salaried and self-employed individuals in tier I, tier II, and tier III cities. With their own NBFC license and access to third-party balance sheets, RING declared to have achieved an AUM of over Rs. 3,000 crore for the financial year ending March 2024, and serves more than 1 crore unique borrowers, the company said in a statement.
The startup offers loans upto Rs. 5 lakh with flexible repayment options. It has access to online and offline payment, bill payments, and UPI transactions, Kissht, on the contrary provides instant credit for purchases at digital points of sale. It partners with NBFCs to offer easy loans through a network of more than 3,000 offline merchants and over 50 online stores in 40 cities.
During the last February, Kissht’s website was blocked abiding by the notice of the Ministry of Electronics and Information Technology (MeitY) which was targeting over 200 gambling and lending apps, most of which appeared to be operated from China. Then, a government official clarified that this block might have been done inadvertently. It could be due to an error when dealing with apps that sound similar.
After facing a sharp loss in FY21 Kissht successfully managed two-fold growth in scale to Rs. 1,020.9 crore in FY23 from Rs. 513.6 crore in FY22. The company’s profits rate faced a sharp decline of 5.8% to Rs. 59 crore in FY23 against Rs. 62.6 crore in FY22, which can be attributed to ESOP-related expenses.
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