25, Oct 2023
Fintech RING’s parent company OnEMi Technologies’ revenue doubled and profit increased by 50% in FY2023
Mumbai, 24th October 2023 – OnEMi Technologies Pvt Ltd, the parent company of Kissht and RING has reported a significant 100% increase in its revenue from FY22, reaching INR 1037 crore during FY 23, with a total subscriber base of over 10 million. This achievement has been possible with enhanced acquisition through merchant partners including over 1.2 Lakhs online and offline partners.
It is notable that repeat customers contributed to over 90% of the business volume. This is a testament to the platform’s seamless accessibility and efficient solutions that cater to a diverse array of financial needs. Bolstered by a sharp focus on innovation and customer experience, the company continues to fortify its position as a frontrunner in the fintech sector, continually raising the bar for itself.
The profits of the company stood at INR 95.5 crores in FY23, a sharp increase from INR 65 crores in FY22, indicating RING’s growing influence in the financial landscape.
OnEMI Technology’s customer base has expanded exponentially, with an impressive 4 million new customers onboarded over the last 12 months. The company has introduced multiple products including transactional credit and long-term loans. In the long-term loans category, the company offers products with a higher 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 bureau score of more than 780. These milestones reflect the company’s steadfast commitment to providing an array of financial solutions to a diverse clientele across urban and non-urban geographies, further strengthening its position as a preferred fintech partner.
Commenting on the same, Ranvir Singh, Founder and CEO, of RING, said “OnEMi Technologies has performed exceptionally well, fuelled by increased awareness and trust around fintech services. We owe our success to customer centricity and our continuous effort in making our product experience seamless increasing adoption and retention of customers.
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.
RING continues to focus on off-book partnerships, where the company has eight partners including banks and larger NBFCs to expand its range of digital financial offerings for a frictionless customer experience. RING has recently acquired two important certifications for its information security systems: ISO 27001:2022 and SOC2 (Service Organization Control) Type 2.