Ring plans to utilise Trifecta Capital’s debt facility for on-lending and growing its balance sheet loan book.
Ring (formerly known as Kissht), a consumer lending fintech company, has raised Rs 100 crore in venture debt from Trifecta Capital, a venture debt player. With this funding, Trifecta is extending its partnership with founders Krishnan Vishwanathan, Ranvir Singh, and the Ring team for a second time and with a larger cheque. The firm first backed Ring in early 2022 with a debt of Rs 50 crore.
Ring will utilise the Trifecta debt facility for on-lending and growing its balance sheet loan book. The company has built a scaled, digital-first consumer lending business with a focus on financial inclusion, offering personal credit to salaried and self-employed customers across Tier 1, Tier II, and Tier III cities.
Abhijit Joshi, Director, 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.”
Krishnan Vishwanathan, founder of 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. Together, we are poised to redefine the future of finance and empower millions towards a brighter, more inclusive tomorrow."
RING, a consumer-first consumer credit app launched by OnEMi Technologies, offers long-term and short-term loans. Customers can avail of multi-tenured loans of up to Rs. 5 lakhs at the lowest interest rates and flexible repayment options. Customers can use RING to pay for transactions, pay bills, and pay through UPI.
KISSHT is a financial technology platform that enables instant, seamless credit for consumers to make purchases at digital points of sale (online and offline). They have partnered with non-banking financial institutions and created an ecosystem to facilitate easy loans for our customers. Today, they have networked with 3000+ offline merchants and 50+ online stores in about 40 cities across India.