Digital Lender Ring Posted Robust Financial Results for FY23

Digital lending brands Kissht and RING (OnEMi Technologies Pvt Ltd), posted robust financial results for FY23. Their revenue surged to ₹1,037 crore, marking a 100% increase compared to the previous fiscal year when they earned ₹517 crore. The company also noted a profit of ₹95.5 crore for FY23, an improvement from ₹65 crore in the previous year.
This Mumbai-based fintech startup, established in 2015 by Ranvir Singh and Krishnan Vishwanathan, now boasts a customer base exceeding 10 million. In the past year, they successfully onboarded around 4 million customers. The growth was facilitated by expanding their network, and collaborating with 1.2 lakh online and offline merchant partners.
Kissht, an NBFC that emerged in 2015, and RING, a consumer-centric digital payments app launched in 2022, are the two prominent brands under OnEMi Technologies. RING follows an off-book partnership model, working alongside banks and larger NBFCs to provide loans. Collaborating with approximately eight financial institutions, it enables digital loans through the RING app, which contributes to around 70% of the company’s revenue.
Having secured an $80 million investment in a Series E round last year from investors including Vertex Growth and Brunei Investment Agency, OnEMi Technologies has received a total of $125 million in funding to date. They operate in both transactional credit and long-term loan categories, catering to customers seeking extended credit solutions. Recently, they introduced a 36-month tenure product tailored for Ultra HQC (ultra high-quality customers) with a credit bureau score exceeding 780.
Ranvir Singh, the founder and CEO of RING, expressed the company’s commitment to expanding their long-term credit offerings, aiming to have 75% of their portfolio dedicated to long-term credit solutions by the end of the current fiscal year. This strategy positions them as a reliable alternative to traditional banking solutions and underscores their success as a profitable fintech company.