Property management platform Crib App acquires rent finance firm CirclePe
CirclePe, a rent finance firm that allows tenants to rent without paying a security deposit while giving operators rent payments in advance, has been purchased by Crib App, an AI-powered property management tool for co-living spaces, hostels, and PGs.
Tenants can avoid upfront security deposits thanks to the acquisition’s integration of financing into the rental lifecycle, while operators can obtain upfront financing related to rent and deposits, thereby increasing their working capital.
Ankur Yadav and Navan Jaiswal founded CirclePe. At a valuation of about Rs 35 crore, the company raised almost Rs 7.5 crore in a pre-seed funding round in May 2024. 1947 Rise, iSeed, IIT Delhi, Venture Catalysts, and other investors participated in the round, which was led by OTP Ventures.
Crib and CirclePe will use a single platform as a result of the purchase.
CirclePe finances tenants’ security deposits or rent obligations in collaboration with NBFCs. Property owners receive the money up front, and tenants pay it back in regular payments.
Crib is an AI-powered property management platform for Indian PGs, hostels, and co-living spaces that was co-founded by Sunny Garg, Shaifali Jain, and Archit Chauhan. Operators may use a single system to handle occupancy, payments, residents, and daily operations thanks to the platform. It claims to have raised about $3.64 million in seven investment rounds to date and to deal with over 2,500 operators.
CirclePe provides a rent financing option that pays operators their rent in advance while removing the requirement for renters to make upfront security deposits.
