RING (previously Kissht), one of India’s premier consumer lending fintech startups, has raised INR 100 crore in venture loans from Trifecta Capital, one of the largest venture debt participants in the ecosystem. With a larger check, Trifecta is extending its collaboration with founders Krishnan Vishwanathan, Ranvir Singh, and the RING team for the second time. The firm originally invested in RING in early 2022, with a debt of Rs. 50 crore.
The company has established a scaled, digital-first consumer lending business with an emphasis on financial inclusion, providing personal credit to salaried and self-employed customers in Tier 1, Tier 2, and Tier III cities. With an in-house NBFC license and access to third-party balance sheets, RING has seen phenomenal growth, surpassing an AUM of Rs. 3,000 crores for the fiscal year ending March 31, 2024, and serving over 1 crore unique borrowers. RING plans to use the Trifecta debt facility for on-lending and expanding its balance-sheet loan book.
Since Trifecta’s first investment in RING, the company’s AUM and revenues have increased dramatically. Trifecta’s belief in the company stems from the founders’ extensive knowledge of the lending segment, their ability to access capital sources across market cycles, and successfully steer the business from small ticket lending to larger, medium to longer tenure loans, controlled CAC, and high customer retention ratios in the business, all while managing loan APRs and portfolio credit quality safely within regulatory guidelines.
Abhijit Joshi, Director, Venture Debt at Trifecta Capital, said that, “We are excited to further our commitment to RING (Formerly known as KISSHT), with our top-up debt investment of Rs. 100 crores in the company this year. RING, led by a robust founding and management team, has demonstrated that a consumer lending business can be built at a meaningful scale, despite a highly dynamic regulatory environment and variances in supply of capital. RING has achieved all this, while maintaining strong unit economics and keeping credit costs under check”
Krishnan Vishwanathan, Founder, Trifecta Capital stated, ““Building upon our recent achievements, we’re delighted to announce our renewed partnership with Trifecta Capital for the second time. OnEMi Technologies Pvt Ltd, the parent company of RING, has seen a remarkable 100% growth in AUM in FY24 and boasting a subscriber base of over 10 million. This underscores our commitment to excellence and innovation, evident in our vast network of 1.2 lakhs+ partners and the fact that over 90% of our business comes from repeat customers. Our platform’s seamless accessibility and efficient solutions drive us forward in the fintech sector. RING’S continued pursuit of innovation-led growth and dedication to customer experience is balanced by our unerring focus on unit economics and risk quality which is borne out by strong financial fundamentals.
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This infusion of venture debt from Trifecta Capital not only validates our success but also provides the financial flexibility needed to further our mission of promoting financial inclusion across India. Together, we are poised to redefine the future of finance and empower millions towards a brighter, more inclusive tomorrow.”
