Bengaluru-based Gold loan platform Rupeek has recently raised US$34 million in funding led by Lightbox and its existing investors including Bertelsmann and GGV.
According to the company, its post-money valuation has reached US$634 million, it was valued at around US$515 million during a US$33 million funding round in last year March.
The startup will be using the fresh funding to scale further, invest in new products, and build India’s largest digital asset-backed FinTech platform.
Sumit Maniyar, Founder and CEO, Rupeek said,“We are grateful for the support received from customers, investors and employees, and for believing in us and showing their commitment during the most challenging times. Rupeek is the first brand that has digitised the entire process of obtaining secured credit against gold holdings, allowing users to get instant credit from the comfort of their homes. Our aim is to set the foundation for tech-led gold monetisation in the country through unique, industry-first innovations and further, unlock growth and credit for a billion Indians.”
Prashant Mehta, Partner at Lightbox said, “Fundamentally we felt that there is a huge opportunity in this space and that is one of the key motivators for us. We believe that the innovation Rupeek is working on will help it scale in a sustainable manner. Further, Rupeek can scale much higher in the coming year, owing to the way they are creating customer education while removing the initial inertia in many Indian geographies (around gold-loans).”
He added,“Sumit and the strong leadership team at Rupeek are at the forefront of product and technology innovation for gold-based digital financial products. Rupeek is targeting a massive $2 trillion opportunity, democratising access to cheap capital and fuelling India’s economy.”
Founded in 2015 by Amar Prabhu, Sumit Maniyar, and Ashwin Soni, Rupeek offers an online lending platform that specializes in gold loans, credit risk, and personal loans. The company offers lending solutions to both borrowers and lenders.
The FinTech platform presently operates in more than 35 cities and has over 500,000 customers across India. The company competes with legacy NBFC’s and banks and also FinTech such as Indiagold, which provides digital gold services besides gold loans.
The company claims that as compared to 2020, it has doubled its gold loan disbursals in December 2021.