Bengaluru based loan enabler Rupeek raises $34 million
The Bengaluru based gold loan enabler Rupeek recently announced that it has raised a sum of $34 million in a funding round led by Lightbox. The round also witnessed participation from existing investors including GGV and Bertelsmann.
The company officials have stated that the gold loan enabler is planning to deploy the freshly infused funds to democratise access to secured credit across the country. Furthermore, the startup also intends to grow extensively in 2022 and expand its lender partner network to 10+ and reach more than 120 cities. With this round of funding, the post money valuation of the startup stands at $634 million.
Expressing his views on the recent round of funding, the Founder and Chief Executive of Rupeek, Sumit Maniyar stated, “Rupeek is one of the first brands that has digitised the entire procedure of obtaining secured credit against gold holdings, thus enabling its 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 unlock growth and credit for a billion Indians,”
Rupeek allows its clients to obtain gold loans at the comfort of their homes. It currently operates in more than 35 cities and competes with the likes of Indiagold which provides digital gold services apart from gold loans. The Bengaluru based startup has disbursed loans worth over INR 6500 crore till date and 55% of its customers are first time borrowers.
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