Shared 29 May, 2024
Fintech startup CirclePe has successfully raised close to $1 million in its pre-seed funding round. The round was led by OTP Ventures, with significant participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, and several prominent founders and CXOs from companies such as OfBusiness, BharatPe, Uni Cards, OYO, and others.
CirclePe, led by Navan Jaiswal and Ankur Yadav, offers a unique ‘Smart Renting’ solution that allows credit-worthy tenants to move in with zero security deposit. This innovative approach enables tenants to pay only their monthly rent without any additional charges, providing a seamless and cost-effective rental experience.
Through strategic partnerships with major proptech companies, CirclePe is bringing its smart renting feature to independent retail landlords and co-living operators. This collaboration aims to simplify the rental process, making it more accessible and hassle-free for both tenants and landlords.
By removing the burden of heavy security deposits for tenants and unlocking capital for landlords and co-living operators, CirclePe is poised to disrupt the traditional rental value chain. The company’s solution not only benefits tenants by reducing upfront costs but also supports landlords by improving capital efficiency.
Suhail Sameer, the former CEO of BharatPe, is now serving as the managing partner of OTP Ventures. A media report indicates that OTP Ventures is looking to close its debut fund at Rs 400 crore by June.
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