RING, a consumer lending app, has secured Rs 100 crore in venture debt from Trifecta Capital, marking its first fundraising endeavor in 2024. The Mumbai-based company intends to utilize this debt facility for on-lending purposes and expanding its balance sheet loan book, according to a press release.
This funding marks a renewed partnership between Trifecta Capital and RING’s founders Krishnan Vishwanathan and Ranvir Singh, with a larger investment compared to their previous collaboration. Previously, RING had obtained Rs 50 crore in debt from Trifecta in early 2022.
OnEMi Technologies, the parent company of RING, has amassed over $150 million in funding (including equity and debt) from investors such as Brunei Investment Agency, Vertex Ventures, and Ventureast, as per data from TheKredible. Additionally, NBFC Kissht is part of OnEMi Technologies.
RING operates under an NBFC license, offering personal credit to salaried and self-employed individuals across tier I, tier II, and tier III cities. Claiming to have achieved an Assets Under Management (AUM) of over Rs 3,000 crore for the financial year ending March 2024, RING serves more than 1 crore unique borrowers. The company provides loans up to Rs 5 lakh with flexible repayment options, facilitating online and offline payments, bill payments, and UPI transactions.
In contrast, Kissht offers instant credit for purchases at digital points of sale and partners with NBFCs to provide easy loans through a network of over 3,000 offline merchants and more than 50 online stores in 40 cities.
Recent developments include the blocking of Kissht’s website in February of the previous year following a notice from the Ministry of Electronics and Information Technology (MeitY), which targeted over 200 gambling and lending apps. Subsequently, a government official clarified that this block might have been unintentional, possibly due to confusion with apps bearing similar names.
Despite experiencing a decline in FY21, OnEMi Technologies, the parent company of Kissht and RING, witnessed significant growth, scaling to Rs 1,020.9 crore in FY23 from Rs 513.6 crore in FY22. However, the company’s profits decreased by 5.8% to Rs 59 crore in FY23 compared to Rs 62.6 crore in FY22, largely attributed to ESOP-related expenses.
