Ring Raises Inr 100 Crores In Venture Debt From Trifecta Capital

Subham Agrawal

Apr 17, 2024 — 5 min read

Ring Raises Inr 100 Crores In Venture Debt From Trifecta Capital

RING(formerly known as Kissht) plans to utilize Trifecta Capital’s debt facility for on-lending and growing its balance sheet loan book.

Mumbai, 17th April 2024: RING (formerly known as Kissht), one of the leading consumer lending fintech companies in India raises INR 100 Crores in venture debt from Trifecta Capital, one of the largest venture debt players in the ecosystem. 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 had first backed RING in early 2022 with a debt of Rs. 50 crores.

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. Equipped with an in-house NBFC license and with access to third-party balance sheets, RING has been on an incredible growth trajectory surpassing an AUM of Rs. 3,000 crores for the financial year ending March 31, 2024 and having served over 1 crore unique borrowers. RING will utilize the Trifecta debt facility for on-lending and growing its balance sheet loan book.

Since Trifecta’s first investment in RING, the company has grown the AUM and revenues multifold. Trifecta’s conviction in the company stems from the founders’ deep understanding of the lending segment, their ability to tap 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 while managing loan APRs and portfolio credit quality safely within the regulatory benchmarks.

Quote from Abhijit Joshi, Director, Venture Debt at Trifecta Capital

“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”

Quote from the founder Krishnan Vishwanathan

“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.

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."

About Trifecta Capital

Trifecta Capital is India’s leading alternate financing platform for startups across their life cycle through its three offerings – venture debt, growth equity, and financial solutions. With tailor-made financing solutions, Trifecta Capital serves market leaders and category creators spanning domains like B2B, Consumer Services, Consumer brands, E-commerce, Mobility, EdTech, AgriTech, FinTech, CleanTech, Software, and Healthcare.

Trifecta Capital has raised nearly INR 5,000 crores across three Venture Debt Funds and one Growth Stage Equity Fund over the last 9 years. It has also built a customized technology and advisory platform with cumulative managed capital of more than INR 13,000 crores to date, to support fast-growing startups. Since its inception, Trifecta Capital has made venture debt investments of nearly INR 5,000 crores across 175+ unique businesses including 20+ unicorns, and aims to be the financial partner of choice for leading new economy businesses in India.

Trifecta Capital’s venture debt portfolio of companies has cumulatively raised USD 13.5 Bn of equity and is cumulatively valued at USD 67 Bn. The firm has a high-quality team of professionals across its offices in all the major hubs of start-ups i.e. Bengaluru, Mumbai, and NCR. Trifecta Capital also won the IVCA award for Best Overall Performance in the Venture Debt Category earlier this year.

About RING

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. RING also offers flexibility to make both online and offline payments. Customers can use RING to pay for transactions, pay bills and pay through UPI. RING also has over 10 lakh merchants that help them acquire customers across the country. The company has built a robust loyalty and rewards program for consumers to improve customer stickiness.

About KISSHT

KISSHT is a financial technology platform that enables instant, seamless credit for consumers to make purchases at digital points of sale (online and offline). Established in 2015, KISSHT is a generation next financial technology company that strategically helps individuals to enhance their borrowing capacities. 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 PAN India.

About ONEMi Technology Solutions Pvt. Ltd.

ONEMi Technology Solutions Pvt. Ltd. came into existence in the year 2015, intending to open up new vistas in consumer credit financing for online as well as offline purchases using the latest technology as an aid. Their constant efforts to financially empower our customers led them to be present across various segments of business like Online Purchase Loan, Personal Loan, and our newest offering – “Small Business Loans.” It is engaged in merchant acquisition / tie-ups, development of credit gateway technology, assessing the creditworthiness of the customers. Onemi Technology uses its proprietary software, algorithm, and credit marketplace platform for provisioning instant consumer loans through our financing partners.