Consumer lending app RING has raised ₹100 crore in venture debt from Trifecta Capital. With this, the Mumbai-based company has marked its first fundraise in 2024.

RING will utilise 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. In 2022, RING raised ₹100 crore in a funding round led by Trifecta Capital and Northern Arc. At that time, Trifecta Capital and Northern Arc each subscribed to ₹50 crore of non-convertible debentures (NCDs).

Lending biz

With the initial ₹50 crore backing from Trifecta Capital, the start-up said in a statement that RING has been able to build a digital-first consumer lending business with a focus on self-employed customers across Indian Tier-I, -II, and -III cities.

The company claims to have surpassed an AUM of ₹3,000 crore for the financial year ended March 31, 2024 and having served over 1 crore unique borrowers.

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,” RING’s founder Vishwanathan said.

RING offers loans up to ₹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.