The deal folds embedded financing into Crib’s AI-powered property management platform, aiming to eliminate upfront security deposits for tenants
Crib App, an AI-powered property management platform, has acquired CirclePe, a startup built around removing upfront security deposits for tenants. The acquisition brings financing directly into the rental process — tenants can move into accommodations without large deposits, while property operators receive rent and deposit-related financing in advance. The two companies will now operate as a single platform, pairing property management software with embedded financial services for the rental housing sector.
How CirclePe’s Model Works
CirclePe is a company that provides financing to non-banking financial companies for security deposits and rent commitments for tenants. It was started by Navan Jaiswal and Ankur Yadav. CirclePe disburses funds to property operators in advance of receiving monthly payments from tenants.
The startup has received approximately Rs 7.5 crore in pre-seed funding (May 2024) at a valuation of Rs 35 crore led by OTP Ventures with support from other investors including, but not limited to 1947 Rise, iSeed, IIT Delhi and Venture Catalysts.
Crib App’s Growth So Far
Co-founders Sunny Garg, Shaifali Jain and Archit Chauhan designed Crib App to streamline the operations of co-living and managed accommodations in India allowing for one digital system to facilitate occupancy, resident records, payments and maintenance. Crib App is currently partnered with over 2,500 property operators across the country and has secured approximately $3.64 million in seven rounds of funding.
A Broader PropTech-FinTech Shift
The transaction is indicative of the growing trend for technology platforms to incorporate financial services into their core offerings to improve both user experience and operational efficiency. By integrating Artificial Intelligence (AI)-based property management with embedded financing for rent payments, this combined platform is positioning itself to provide a full suite of solutions including all aspects of property management, payments, financing and resident experience as co-living and rental housing continues to grow in India.
