Consumer lending startup RING raises Rs 100 crore in debt from Trifecta Capital

RING, a consumer lending app previously known as Kissht, has raised Rs 100 crore in venture debt from Trifecta Capital. 

Krishnan Vishwanathan and Ranvir Singh, founders of RING, said that the raised capital will be used to further grow the company's balance sheet and on-lend to more customers.

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.”

Aimed at making financing more accessible

According to RING, the funding will bolster its mission of promoting financial inclusion throughout India. The startup specifically targets new-to-credit and lower-income groups, aiming to make financing more accessible across diverse economic backgrounds.

It claims to have reached over 1 crore unique borrowers by the end of the fiscal year 2024, with over 90% being repeat customers.

What does RING offer?

RING offers a variety of lending solutions tailored to both salaried and self-employed individuals across all major city tiers in India. Consumers can obtain loans up to Rs 5 lakh with flexible repayment structures. The platform also supports various payment facilities, including online and offline transactions, bill payments, and UPI options.

Partnership with NBFCs

The app has partnered with numerous non-banking financial companies (NBFCs) to facilitate seamless credit provisions. It boasts a network that spans over 3000 offline merchants and more than 50 online stores across roughly 40 cities. 

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."