Fintech Startup Circlepe Secures Nearly $1 Million in Pre-Seed Funding

CirclePe funding

Three points you will get to know in this article:

  • CirclePe raised $1M led by OTP Ventures for “Smart Renting” without security deposits.
  • OfBusiness and BharatPe support CirclePe in revolutionizing the rental market.
  • OTP Ventures is finalizing a $48M fund for fintech and proptech startups.

Introduction to CirclePe

Circlepe logo

CirclePe is a rental tech startup that aims to revolutionize the traditional rental model in India by eliminating the need for large security deposits. Instead of paying a hefty upfront deposit, CirclePe allows tenants with good CIBIL scores to move into their desired homes and pay their monthly rent as a “no-cost EMI” spread over the rental period. This innovative approach not only helps tenants avoid the hassle of tying up their savings as collateral but also boosts their CIBIL score with each timely rent payment. CirclePe is backed by prominent investors and founders from leading companies, making it a promising solution to the common pain points faced by tenants in the rental market.

CirclePe's Successful Pre-Seed Funding Round

CirclePe, a fintech startup, has successfully raised nearly $1 million in a pre-seed funding round. The funding was spearheaded by OTP Ventures, a venture capital firm established by Suhail Sameer, the former CEO of BharatPe, in partnership with entrepreneurs Kunal Suri and Saurabh Vashishtha. The operational expenses are impressively low, with an energy cost of Rs 1 to Rs 1.5 per km, varying based on usage and the swapping operator.

In 1947 Rise, iSeed, IIT Delhi, and Venture Catalysts were among the participants in the pre-seed round. In addition to these major investors, angel investors from organizations such as OfBusiness, BharatPe, Uni Cards, and OYO also showed interest. The varied backgrounds of these investors provide CirclePe with a wealth of experience and strategic support as it seeks to revolutionize the rental market.

CirclePe's ``Smart Renting`` Solution

Established by Navan Jaiswal and Ankur Yadav, CirclePe delivers an innovative “Smart Renting” solution. The startup claims this method enables credit-worthy tenants to move in without a security deposit. Tenants benefit from the convenience of paying solely their monthly rent with no additional fees. By collaborating with leading proptech companies, CirclePe offers this smart renting option to independent retail landlords and co-living operators, simplifying the rental experience.

CirclePe seeks to revolutionize the conventional rental market by removing the requirement for substantial security deposits from tenants. This strategy not only alleviates the financial strain on tenants but also frees up capital for landlords and co-living operators. By streamlining the rental process, CirclePe is improving the rental experience for both tenants and landlords.

OTP Ventures' Inaugural Fund

Under the leadership of Suhail Sameer, OTP Ventures is on track to finalize its inaugural fund at Rs 400 crore (approximately $48 million) by June this year. The fund’s objective is to foster innovative startups within the fintech and proptech industries, thereby enhancing the overall ecosystem.

CirclePe, a fintech startup founded by Navan Jaiswal and Ankur Yadav, raised nearly $1 million in a pre-seed funding round led by OTP Ventures, with participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalysts, and several angel investors. CirclePe’s “Smart Renting” solution eliminates security deposits, allowing tenants to pay only their monthly rent, thus easing financial strain and simplifying the rental process. With strong backing and strategic support, CirclePe aims to transform the rental market for tenants and landlords alike.

SA Team

Start typing and press Enter to search

Shopping Cart