Home Uncategorized RING Secures Rs 100 Cr Debt Injection from Trifecta Capital for Consumer...

RING Secures Rs 100 Cr Debt Injection from Trifecta Capital for Consumer Lending Expansion.

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Consumer lending app RING has recently announced a significant milestone in its financial journey, raising a substantial Rs 100 crore in venture debt from Trifecta Capital. This injection of capital marks RING’s inaugural fundraiser for the year 2024 and underscores the company’s commitment to expanding its footprint in the consumer lending space.

According to a press release by the Mumbai-based company, the infusion of funds will be instrumental in fueling RING’s on-lending activities and bolstering its balance sheet loan book. The move signifies confidence in RING’s business model and reflects Trifecta Capital’s continued support for the company and its leadership team, including founders Krishnan Vishwanathan and Ranvir Singh.

This isn’t the first time RING has partnered with Trifecta Capital. In early 2022, the company secured Rs 50 crore in debt financing from the same entity, further cementing the collaborative relationship between the two organizations. RING’s parent company, OnEMi Technologies, has amassed over $150 million in equity and debt funding, drawing support from prominent investors such as Brunei Investment Agency, Vertex Ventures, and Ventureast.

Delving into RING’s business model and legal structure reveals a robust framework designed to cater to salaried and self-employed individuals’ diverse credit needs across tier I, II, and III cities. Leveraging its NBFC license and strategic partnerships, RING has successfully built an impressive asset under management (AUM) of over Rs 3,000 crore for the fiscal year ending March 2024, serving a vast clientele of more than one crore unique borrowers.

Focusing on providing accessible credit solutions, RING offers loans of up to Rs 5 lakh with flexible repayment options, catering to the evolving financial needs of its customer base. The company facilitates seamless online and offline transactions, including bill payments and UPI transactions, enhancing convenience for its users.

In addition to its core lending operations, RING’s parent company, OnEMi Technologies, operates Kissht, a platform offering instant credit for purchases at digital points of sale. Despite regulatory challenges, including the temporary blocking of Kissht’s website, OnEMi Technologies has demonstrated resilience, achieving significant growth in recent years.

Despite a challenging fiscal environment, OnEMi Technologies reported impressive growth, with revenues surging to Rs 1,020.9 crore in FY23 from Rs 513.6 crore in FY22. While profits experienced a slight decline attributed to ESOP-related expenses, the company remains optimistic about its long-term prospects.

As RING continues to expand its presence and enhance its product offerings, the recent funding infusion from Trifecta Capital positions the company for sustained growth and success in the competitive consumer lending landscape.

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