Draft:Pay With Ring

Ring
Company Type:	Private
Industry:	Financial Services
Founded:	2022
Founder:	Krishnan Viswanathan, Ranvir Singh and Karan Mehta
Headquarters:	India
Products:	Instant Loans, Personal Loans, Digital Payments, UPI-based Transactions
Website:	Official Website of RING

Submission declined on 23 November 2024 by Spiderone (talk).

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Declined by Spiderone 20 seconds ago. Last edited by Spiderone 20 seconds ago. Reviewer: Inform author.

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Overview

Ring founded in 2022 by Krishnan Viswanathan, Ranvir Singh and Karan Mehta, It is a digital financial platform based out of Mumbai, India. The platform, with a vision to provide easier access to financial services for Indian users (mainly young professionals in urban areas and anyone looking for an easier way than bank), offers number of financial products from personal loans, UPI-based payments to bill payments.

The Ring platform requires minimal documentation for loans, making the lending process faster. It also support UPI payments as well round of bill payments and strive to become an all-in-one and hassle free solution for managing the money. The service is all about the digital ease and targets customers who might not be able to access, or easily navigate through traditional banking services.

History

Ring founded in 2022 by Krishnan Viswanathan, Ranvir Singh and Karan Mehta, It's aims to create a digitally-enabled lending platform with an on-ground payment solution element. The thought behind it was to provide a comprehensive solution under one umbrella for the rising demand of digital financial products in India.

The company raised INR 100 crore in debt funding from Trifecta Capital for expansion in 2024.^[1] It used this funding to improve its lending offerings and create a stronger technology platform. The company’s founders aimed to address the financial needs of an underserved demographic, with a focus on providing seamless digital services.

Business Model

The revenue model of Ring contains interests on loans, transaction fees, and a commission from businesses using the platform for making payments. Cashback and rewards for users, generating revenue through the platform as well. Ring's main services include the following:

Personal loans: Ring provides personal loans of up to ₹5,00,000 for customers in a fully digitised manner.These loans are designed for a wide range of customers, including those with limited credit history.
UPI Payments: The platform allows UPI-based payments, which let users pay for goods and services via QR codes securely.
Credit Limit: Users can not only view their credit limit but also check their spending & repayment in the app.
Apart from delivering all the financial services, it also offers business loans and other necessary services to guide users in terms of a better financing approach.

Partnerships

To enhance its lending capabilities and diversify its product portfolio, Ring partners with a host of other RBI-registered non-banking financial companies (NBFCs). Notable partners include:

Si Creva Capital Services Pvt Ltd: A partner offering consumer and personal loans through Ring.
MAS Financial Services Ltd: An NBFC engaged in providing micro-enterprise, SME loans and loans for two-wheelers, used cars and commercial vehicles.
Northern Arc Capital Ltd: Northern Arc Capital Ltd offers credit to individuals and enterprises in India who find access to formal banking difficult, extending Ring’s capacity to supply relevant financial products to underserved communities.

Services

Ring has several financial services that make it easier for individuals and businesses to handle their finances:

Quick Loan: Customers can get loans of up to ₹2 lakh with less paper work involved. For people awaiting quick cash, this service is specialized.
Personal Loans: It provides personal loans for up to ₹ 5,00,000 with a completely digital application process.
Digital Payment — Ring allows fast and safe UPI Payments online, offline using QR code.
Cashback/Rewards — The platform allows their users to earn cashback and rewards for transactions made from the platform.
Credit Limit Control: Users can keep a check on their credit limit and manage them better in the app.

References

^ Bureau, BL Bengaluru (2024-04-17). "Fintech start-up RING raises ₹100-cr debt from Trifecta Capital". BusinessLine. Retrieved 2024-11-23. {{cite web}}: |last= has generic name (help)

[1] Bureau, BL Bengaluru (2024-04-17). "Fintech start-up RING raises ₹100-cr debt from Trifecta Capital". BusinessLine. Retrieved 2024-11-23. {{cite web}}: |last= has generic name (help)

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