June 27, 2024: Rupeek, an asset-backed online gold loan company has raised ₹125 crore (approximately $15 million) in fresh funding, marking the second tranche of their latest round. This fresh capital is expected to accelerate its digital lending adoption.
The news follows an initial $6 million investment from 360 One Large Fund in May. Rupeek’s board reportedly approved a special resolution to issue shares worth ₹125 crore, aiming to close the round at approximately ₹250 crore ($31 million).
Founded by IIT Alumnus Sumit Maniyar & backed by investment partners including Bertelsmann, Sequoia Capital, GGV, Accel Partners and so on, Rupeek was established to create equal access to credit for every Indian.
The company provides low interest online gold loans. Further, it enables easy 4 step gold loan process ensures your gold loan experience remains safe, personal & tension free. The low interest schemes make loan against gold an accessible option for our customers to fulfil their needs. The firm has 5 Lakh+ Customers in 60+ Cities.
Rupeek claims to process 3 tonnes of gold every month with zero safety related incidents – enabled by best-in-class technology & a robust logistics process. It stores customer’s gold in secure partner bank vaults & provide 100% free door-to-door insurance for every loan against gold.
This latest round of investment by Rupeek comes from private equity firm Elevation Capital, according to a report quoting documents from the Registrar of Companies.
Elevation Capital and 360 One Large Fund have collectively contributed ₹175 crore ($21 million) so far. The remaining ₹75 crore ($9 million) is expected to come from Ranjan Pai’s investment firm, Claypond Capital, with the possibility of Rupeek co-founder Sumit Maniyar, employees, and early backer Bertelsmann selling shares worth $8-10 million to Claypond.
