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. Fintech lender RING’s FY23 revenue jumps 100%, profit at ₹95.5 crore
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.