Now Loading

RING Secures INR 100 Crore Venture Loan from Trifecta Capital

In a significant move within the fintech industry, RING, previously known as Kissht, has announced a major boost to its financial standing. The premier consumer lending startup has successfully raised INR 100 crore in venture loans from Trifecta Capital, a key player in the venture debt scene. This marks the second collaboration between Trifecta and RING’s founders Krishnan Vishwanathan and Ranvir Singh, along with the RING team.

Having initially invested in RING in early 2022 with a debt of Rs. 50 crore, Trifecta’s extended support underscores their confidence in the company’s growth trajectory and operational strategies. RING has established itself as a digital-first consumer lending entity, prioritizing financial inclusion by offering personal credit solutions to both salaried and self-employed individuals across Tier 1, Tier 2, and Tier III cities.

With an in-house NBFC license and access to third-party balance sheets, RING has witnessed remarkable growth, boasting an Assets Under Management (AUM) of over Rs. 3,000 crores for the fiscal year ending March 31, 2024, and serving a customer base exceeding 1 crore unique borrowers. The infusion of funds from Trifecta will facilitate RING’s expansion efforts, particularly in on-lending activities and scaling up its balance-sheet loan book.

Abhijit Joshi, Director of Venture Debt at Trifecta Capital, expressed enthusiasm about the continued partnership, highlighting RING’s ability to navigate regulatory challenges and capital fluctuations while maintaining strong financial fundamentals.

Krishnan Vishwanathan, Founder of RING, emphasized the company’s commitment to innovation and customer-centric solutions, noting a significant growth in AUM and subscriber base for FY24. He highlighted RING’s extensive network of partners and high rate of repeat customers, underscoring the company’s focus on sustainable growth and risk management.

This infusion of venture debt not only validates RING’s success but also positions the company to further its mission of promoting financial inclusion across India, in line with its vision of empowering millions towards a more inclusive financial future.