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Digital lending startup RING, formerly Kissht, raised Rs 100 crore in venture debt from Trifecta Capital. The company said it would use the funds to disburse more loans to consumers.

RING had raised Rs 50 crore from Trifecta Capital in 2022 and used it to serve over one crore borrowers. It said its assets under management grew 100% in FY24, and over 90% of its customers are repeat.

“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,” said Krishnan Vishwanathan, who, along with Ranvir Singh, founded RING in 2015.

The startup aims to serve the new-to-credit and lower-income population of India. It has raised debt funding from over 25 debt investors, including Kotak Mahindra Bank, AU Small Finance Bank, Jana Bank, and large NBFCs such as Northern Arc Capital, MAS Financial, etc.

“RING, led by a robust founding and management team, has demonstrated that a consumer lending business can be built at a meaningful scale, despite a highly dynamic regulatory environment and variances in the supply of capital,” said Abhijit Joshi, Director of venture debt at Trifecta Capital.

“RING has achieved all this while maintaining strong unit economics and keeping credit costs under check,” he added.