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CirclePe raises close to $1m in Pre-Seed Round from OTP Ventures

By Gloria Mathias

May 29, 2024

  • CirclePe
  • FinTech
  • FinTech solutions
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CirclePe, Fintech, UPI Payments, Rental Payments, Fintech solutions, Payments Technology, REnt Payments India, Pre Seed round, CirclePe, a FinTech platform changing the rental experience for India’s urban tenants, has raised its Pre-Seed round of close to $1 million, led by OTP Ventures.

The round followed the participation of esteemed investors, including 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, & founders and CXOs from 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 renting works by introducing the power of credit to the Indian landscape. By eliminating the need for heavy security deposits paid by tenants and unlocking capital for landlords and co-living operators, CirclePe is disrupting the traditional rental value chain.

XX from Venture Catalysts said, “The Indian rental market, valued at an astounding $149 billion annually, is primed for disruption, and CirclePe is poised to catalyse this transformation. CirclePe’s innovative FinTech play, coupled with their deep understanding of the industry’s 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 comprising Navan Jaiswal and Ankur Yadav. Both are second-time founders from IIM-K and IIT-D. With their combined expertise and passion, they are driving CirclePe’s vision to disrupt 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 zero-security deposit move-in, enjoying the luxury of paying only their monthly rent without any extra charges. By partnering with major prop techs, CirclePe is enabling “Smart Renting” for independent retail landlords 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 play, very different from bonds & insurance products, which have faced high friction in a cash-first market like India. For the 1st time, credit-worthy tenants can opt for ‘Smart Renting’ at checkout while renting a house, giving them a zero-deposit move-in and the luxury of paying only their monthly rent & no extra charges.” said Navan from CirclePe.

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