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Fintech Platform RING Raises INR 100 Cr in Debt from Trifecta Capital Utilising the Trifecta debt facility, the Mumbai-based OnEMi Technologies' consumer lending firm RING hopes to expand its balance sheet loan book and engage in on-lending.

By Entrepreneur Staff

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Krishnan Vishwanathan, CEO and Founder at RING/LinkedIn

Consumer lending fintech platform RING (formerly known as Kissht) has raised INR 100 crore in venture debt from Trifecta Capital.

In early 2022, RING had already obtained a debt of INR 50 crore from Trifecta.

According to the official release, RING aims to utilise the Trifecta debt facility for on-lending and growing its balance sheet loan book.

Krishnan Vishwanathan, CEO and Founder at RING, said, "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."

Founded in 2015 by Krishnan Vishwanathan and Ranvir Singh, RING provides personal credit to salaried and self-employed individuals in tier I, tier II, and tier III cities. With its own NBFC license and access to third-party balance sheets, RING claims to have achieved an AUM of over INR 3,000 crore for the financial year ending March 2024, and serves more than 1 crore unique borrowers.

RING provides multiple repayment choices on loans up to INR 5 lakh. It makes bill payments, UPI transactions, and payments both online and offline possible. On the other hand, Kissht offers quick credit for transactions made at digital points of sale. It collaborates with NBFCs to provide simple loans via a network of over 3,000 offline merchants and more than 50 online stores spread over 40 cities.

Abhijit Joshi, Director of venture debt at Trifecta Capital, said, "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 the supply of capital. RING has achieved all this while maintaining strong unit economics and keeping credit costs under check."

Entrepreneur Staff

Entrepreneur Staff


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