BackFintech lender RING's FY23 revenue jumps 100%, profit at ₹95.5 crore
The startup has raised a total of $125 million in funding till date
PremiumNew Delhi: OnEMi Technologies Pvt Ltd, the parent company of digital lending brands Kissht and RING, reported a revenue of ₹1,037 crore for FY23, a 100% growth from ₹517 crore clocked in the previous year.
Profit stood at ₹95.5 crore in FY23 compared with ₹65 crore a year ago, the company said in a statement.
The Mumbai-based fintech startup, founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, claims to have a customer base of over 10 million with about 4 million customers onboarded over the last 12 months. "This achievement has been possible with enhanced acquisition through 1.2 lakh online and offline merchant partners," the company said.
Kissht is a non-banking financial company (NBFC) which came into existence in 2015; whereas RING is a consumer-first digital payments app launched by the company in 2022. RING focusses on off-book partnership model, which means it works with banks and larger NBFCs to offer loans. It works with about eight banks and NBFCs to power digital loans through RING app.
An estimated 70% of the revenue comes from RING, the company said.
The company, which raised $80 million in Series E round last year from Vertex Growth, Brunei Investment Agency and existing investors, operates in transactional credit and long-term loans categories. It has raised a total of $125 million in funding till date.
In the long-term loans category, it offers products with a tenure of more than six months. Additionally, it has recently added a 36-month tenure product designed for Ultra HQC (ultra high-quality customers) with a credit bureau score of above 780.
RING founder and CEO Ranvir Singh said, "We continue to have a large focus on our long-term book and are well on our path to having 75% of our book contributed by long-term credit by the end of this fiscal, making us a trusted alternative to traditional banking solutions. We are proud of our journey as a profitable fintech company as we continue to be the lender of choice for a large base of Indian customers."
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