Funding Boost:
In a significant development for the Indian fintech landscape, digital lending startup RING, formerly known as Kissht, announced securing Rs 100 crore in venture debt from Trifecta Capital. The infusion of funds is expected to fuel RING’s mission of expanding financial inclusion efforts across India.
Expansion Plans:
RING outlined its intention to utilize the newly acquired funds to expedite loan disbursements to consumers, thus facilitating easier access to credit for a broader spectrum of individuals.
Previous Funding:
This latest funding round marks another milestone in RING’s journey, following a successful Rs 50 crore venture debt raise from Trifecta Capital in 2022. The capital injected during the previous round was instrumental in serving over one crore borrowers.
Financial Growth:
In a testament to its operational prowess, RING disclosed a remarkable 100% growth in assets under management during the fiscal year 2024, showcasing the company’s rapid expansion and increasing market presence.
Customer Loyalty:
A noteworthy statistic revealed by RING is that more than 90% of its customers are repeat clients, underscoring the company’s ability to deliver value and build lasting relationships within its user base.
Founder’s Vision:
Krishnan Vishwanathan, one of the co-founders of RING alongside Ranvir Singh, expressed his enthusiasm regarding the latest funding round, emphasizing its significance in advancing the company’s goal of fostering financial inclusion nationwide.
Target Market:
With a focus on catering to the new-to-credit and lower-income segments of the population, RING is committed to bridging the gap in financial services accessibility by providing tailored solutions to underserved communities.
Investor Confidence:
The successful debt financing round adds to RING’s credibility, having garnered support from a diverse pool of investors, including Kotak Mahindra Bank, AU Small Finance Bank, Jana Bank, and prominent NBFCs such as Northern Arc Capital and MAS Financial.
Expert Opinion:
Abhijit Joshi, Director of venture debt at Trifecta Capital, commended RING’s remarkable achievements despite
the challenges posed by a dynamic regulatory environment and fluctuations in capital availability. Joshi lauded RING’s ability to maintain robust unit economics and effectively manage credit costs.
Operational Efficiency:
RING’s ability to achieve meaningful scale in the consumer lending business while maintaining operational efficiency
and prudent credit management practices highlights the company’s resilience and strategic acumen in navigating the complexities of the financial landscape.
Through strategic partnerships, innovative solutions, and a steadfast commitment to its mission, RING continues to position itself as a pioneering force driving financial inclusion and empowerment across India.
Read More On: Thestartupscoup.Com
