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Consumer lending app RING raises Rs 100 Cr debt from Trifecta Capital

EntrackrEntrackr · 1y ago
Consumer lending app RING raises Rs 100 Cr debt from Trifecta Capital
Medial

Consumer lending app RING has raised Rs 100 crore in venture debt from Trifecta Capital. With this, the Mumbai-based company has marked its first fundraise in 2024. RING will utilize the debt facility for on-lending and growing its balance sheet loan book, the company said in a press release. 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. Previously, RING secured Rs 50 crore debt from Trifecta in early 2022. As per the data intelligence platform TheKredible, the company’s parent firm OnEMi Technologies has raised over $150 million (equity + debt) to date from the likes of Brunei Investment Agency, Vertex Ventures, Ventureast, and more. NBFC Kissht is also a part of OnEMi Technologies. Business model and legal structure of the company RING provides personal credit to salaried and self-employed individuals in tier I, tier II, and tier III cities. With its own NBFC license and access to third-party balance sheets, RING claims to have achieved an AUM of over Rs 3,000 crore for the financial year ending March 2024, and serves more than 1 crore unique borrowers, the company said in a statement. RING offers loans up to Rs 5 lakh with flexible repayment options. It enables online and offline payments, bill payments, and UPI transactions. Kissht, on the other hand, provides instant credit for purchases at digital points of sale. It partners with NBFCs to offer easy loans through a network of more than 3,000 offline merchants and over 50 online stores in 40 cities. Recent developments In February last year, the website of Kissht was blocked following a notice from the Ministry of Electronics and Information Technology (MeitY) targeting over 200 gambling and lending apps, most of which appeared to be operated from China. Later, however, a government official clarified that this block might have been done inadvertently. It could be due to an error when dealing with apps that sound similar. After witnessing a dip in FY21, Kissht RING’s parent company managed nearly two-fold growth in scale to Rs 1,020.9 crore in FY23 from Rs 513.6 crore in FY22. The company’s profits shrank 5.8% to Rs 59 crore in FY23 against Rs 62.6 crore in FY22, which can be attributed to ESOP-related expenses. Visit here for more information.

Edtech startup Leap elevates Rajan Chaudhary as co-founder

EntrackrEntrackr · 3m ago
Edtech startup Leap elevates Rajan Chaudhary as co-founder
Medial

Edtech startup Leap elevates Rajan Chaudhary as co-founder Edtech startup Leap has elevated its senior executive Rajan Chaudhary as cofounder of the company. He has been working with Leap for more than five years. Most recently, Chaudhary has been serving as the assistant vice president (AVP) of engineering for about 18 months, driving the startup’s technological evolution, scaling its platforms, and advancing product innovation. “Rajan’s elevation reflects our belief in building leadership from within and positions us strongly for the next phase of Leap’s global expansion,” said Vaibhav Singh, cofounder of Leap. Co-founded in 2019 by Vaibhav Singh and Arnav Kumar, Leap, which operates LeapScholar, LeapFinance, GeeBee, and Yocket, runs an online community for study-abroad aspirants. It offers a range of services, including test preparation (IELTS, TOEFL, SAT), admissions and visa counseling, and financial support such as international student loans. It primarily focuses on institutes in the US, Canada, UK, and Australia. Leap plans to expand its Middle East and Southeast Asia operations and claims to have partnerships with more than 1,000 international universities. The startup has raised over $400 million to date in equity and debt from investors such as Owl Ventures, Jungle Ventures and Peak XV Partners. Leap’s operating revenue grew 113.7% to Rs 174.92 crore in FY24 from Rs 81.86 crore in FY23. The company managed to cut its net loss by 72.3% to Rs 29.43 crore in the same period. It competes with other major players in this space such as Auxilo, Avanse Financial, GryQuest, Financepeer, Propelld, Mpower Financing, and Eduvanz.

Venture Catalysts leads pre-Series A round in payment ring startup Seven

EntrackrEntrackr · 1m ago
Venture Catalysts leads pre-Series A round in payment ring startup Seven
Medial

Venture Catalysts leads pre-Series A round in payment ring startup Seven Mumbai-based fintech startup Seven, the maker of contactless payment smart ring, 7 Ring, has raised Rs 4 crore in its pre-Series A round led by Venture Catalysts. The round also saw participation from existing investor Vinners and Anchorage Capital Partners, backed by the Sheth family office. The proceeds will be used to scale production of the flagship 7 Ring, launch a more affordable variant called 7 Ring Air by Q2 FY26, and expand distribution through metro stations and e-commerce platforms like Amazon and Flipkart. Founded by Vijay Khubchandani, Mahek Savla, and Karthik Menon, Seven offers a wearable fintech solution that enables secure tap-and-pay transactions via NFC, without the need for charging, PINs, or smartphones. The RuPay and MasterCard-certified device links to a prepaid wallet powered by UPI and is designed with an IP68-certified zirconia ceramic build. Seven earns revenue through POS and metro interchange fees, and has begun beta testing NCMC compatibility and is working on credit card tokenization. The firm gained early visibility on Shark Tank India and now aims to deploy 30 lakh rings by 2028, targeting daily metro commuters and UPI users.

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