Fintech
CirclePe raises nearly $1 million in pre-seed round from OTP Ventures
By Gloria Mattia
Today
- CirclePe
- FinTech
- FinTech Solutions
CirclePe, a FinTech platform changing the rental experience for India’s urban tenants, raised nearly $1 million in its pre-seed round, led by OTP Ventures.
The round followed participation from esteemed investors, including 1947 Rise, iSeed, IIT Delhi, Venture Catalyst and founders and CXOs of Of Business, BharatPe, Uni Cards, OYO and others.
CirclePe is on a mission to modernize credit for India’s vast rental market through an embedded FinTech play. With a unique approach, CirclePe is reinventing how rental works by bringing the power of credit to the Indian landscape. By eliminating the need for large security deposits paid by tenants and unlocking capital for co-living owners and operators, CirclePe is disrupting the traditional rental value chain.
XX by Venture Catalysts said, “The Indian rental market, valued at a staggering $149 billion annually, is ripe for disruption and CirclePe is poised to catalyze this transformation. CirclePe’s innovative FinTech play, coupled with deep knowledge of industry pain points, positions them as a game changer in the rental ecosystem. We are excited to be part of their journey.”
CirclePe is led by a founding team of Navan Jaiswal and Ankur Yadav. Both are second time founders of IIM-K and IIT-D. With their combined experience and passion, they are driving CirclePe’s vision to revolutionize the traditional rental landscape by harnessing the power of FinTech.
The company’s unique “Smart Renting” solution allows credit-worthy tenants to opt for a no-deposit move, enjoying the luxury of paying only the monthly rent with no additional costs. By partnering with leading prop technologies, CirclePe is enabling “Smart Renting” for independent store owners and co-living operators, providing a seamless and hassle-free rental experience.
“We are on a mission to revolutionize the rental experience in India with a unique FinTech approach, very different from bonds and insurance products, which have faced severe friction in a cash-first market like India. For the first time, credit-worthy tenants can opt for “Smart Renting” at checkout while renting a home, giving them a no-deposit move-in and the luxury of paying just the monthly rent with no additional costs.” Navan by CirclePe.