A growing fintech company, CirclePe, has raised approximately $1 million in its pre-seed funding round. Leading investors, including 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, and a group of founders and CXOs from prominent firms such as OfBusiness, BharatPe, Uni Cards, and OYO, participated in this round, which was led by OTP Ventures.
CirclePe, co-founded by Navan Jaiswal and Ankur Yadav, is revolutionizing the rental market with its innovative Smart Renting solution. This approach allows credit-worthy renters to move into homes without the burden of large security deposits. Renters can now enjoy their new homes by paying rent monthly, eliminating the traditional upfront costs.
The company has formed strategic partnerships with leading proptech firms to broaden the reach of its Smart Renting service. These collaborations enable independent retail landlords and co-living operators to offer CirclePe’s services, thereby simplifying the rental process for all parties involved.
CirclePe’s primary mission is to disrupt the conventional rental value chain. By removing the necessity for substantial security deposits, they aim to reduce the financial strain on tenants and unlock capital for landlords and co-living operators. This innovative model creates a beneficial scenario for both tenants and property owners.
OTP Ventures, the lead investor in this pre-seed round, is headed by former BharatPe CEO Suhail Sameer. With his extensive experience in the Indian fintech sector, Sameer provides valuable guidance to OTP Ventures and its portfolio companies. OTP Ventures is also nearing the completion of its first fund, projected to have a capital of Rs 400 crore by June 2024.
CirclePe’s Smart Renting solution addresses the evolving needs of modern renters by emphasizing convenience and affordability. Their strategic alliances and technological focus position them as a potential game-changer in the Indian rental market.
With this pre-seed funding, CirclePe is poised to further develop its Smart Renting solution and expand its presence in the Indian market. The company’s emphasis on innovation, strategic partnerships, and a thorough understanding of rental market needs positions it well for future success. As CirclePe grows, its innovative approach is likely to transform the rental landscape in India, creating a more efficient and equitable ecosystem for all stakeholders.
If you are a proptech company and want to promote your products for free, go to proptechbuzz.com and submit your products. For investors or proptech buyers, sign up on our platform to stay informed about exciting updates and trends in the Proptech Ecosystem.
Explore more Proptech news at proptechbuzz.com/news, for news tips and promotions, reach out to marketing@proptechbuzz.com.
By Proptechbuzz
By Ravi Kumar
