Fintech startup CirclePe raises close to $1M in a pre-Seed round

Fintech startup CirclePe has raised close to $1 million in a pre-seed funding round.

The round was led by OTP Ventures, a venture capital firm founded by Suhail Sameer, the former CEO of BharatPe, along with entrepreneurs Kunal Suri and Saurabh Vashishtha. 

Who else participated in the round?

1947 Rise, iSeed, IIT Delhi, and Venture Catalysts also participated. 

Apart from the major investors, the pre-seed round attracted angel investors from various organizations, including founders and CXOs from OfBusiness, BharatPe, Uni Cards, and OYO.

These diverse investors bring a wealth of experience and strategic support to CirclePe as it aims to disrupt the rental market.

Offering a smart renting solution

Founded by Navan Jaiswal and Ankur Yadav, CirclePe offers a unique "Smart Renting" solution.

The startup said that this approach allows credit-worthy tenants to opt for a zero-security deposit move-in. Tenants can enjoy the flexibility of paying only their monthly rent without any extra charges. 

CirclePe partners with major proptech companies to provide this smart renting feature to independent retail landlords and co-living operators, making the rental process easy and hassle-free.

Aiming to disrupt the traditional rental value chain

CirclePe aims to disrupt the traditional rental value chain by eliminating the need for heavy security deposits paid by tenants.

This approach not only eases the financial burden on tenants but also unlocks capital for landlords and co-living operators. By simplifying the rental process, CirclePe is enhancing the overall rental experience for both tenants and landlords.

What are OTP Ventures' Future Plans?

Suhail Sameer-led OTP Ventures is also looking to close its debut fund at Rs 400 crore (around $48 million) by June this year. The fund aims to support more innovative startups in the fintech and proptech sectors, further strengthening the ecosystem.