In 18 months, Ruptok Fintech has disbursed a loan against gold worth Rs. 100 crore
- ByStartupStory | January 27, 2022
In the last 18 months, Ruptok Fintech Pvt. Ltd., a fintech platform, has bolstered its market position in the gold tech industry by disbursing more than 100 crore in loan against gold.
The press release says, ‘The fintech startup is making strides to bolster its business growth and intends to achieve INR 1000 crores annual disbursement run rate in the next financial year.’ In a statement, the company stated that it intends to expand its employees and expand its footprint in India
In a short period of time, Ruptok Fintech has earned considerable market share in the gold tech business. The startup has facilitated over 2500 loans since its beginning in July 2020. Ruptok Fintech Ruptok was already present in Delhi NCR, Mumbai, Jaipur, Vadodara, Surat, Pune, Nashik, Hyderabad. They have recenet launched services in Bangalore and Vapi door-to-door gold loans in Delhi NCR, Mumbai, Jaipur, Vadodara, Surat, Pune, Nashik, Hyderabad, Bangalore, and Vapi. According to the company, it has grown by 20% month over month and is currently disbursing loans at a rate of Rs 250 crore per year
Official quote disseminated in the media sharing the information, Ankur Gupta, Founder and CEO, Ruptok Fintech Pvt. Ltd., said, “The gold tech industry is rapidly penetrating, which has led to significant demand in loans against gold. We, at Ruptok, have witnessed unprecedented growth in the past year. Not only have we raised capital from various investors to expand our business operations to new regions, but we have also built significant partnerships.
Two of them is with Xiaomi and TVS Credit for catering gold loans to their customers. This strategic approach has expedited the exponential growth of the brand. The doorstep delivery of instant loans with digital paperwork and utmost security has won our customers’ faith in our Ruptok. We have aggressive plans to venture into new cities and strike new strategic partnerships.”
Ruptok raised money in numerous rounds in 2021, including ‘Angel Funding’ from Work , a Canadian investment The pre-series includes an investment round out of existing and new investors, including Manuvel Malabar Jewelers, industry veterans, and HNIs, This is partially incorrect.
Information disseminated in the media ‘In 2021, Ruptok raised capital in multiple rounds, including Angel Funding from Wurk, a Canada based Investment Firm, INR 16 Cr in pre-series A funding round from existing and new investors, including Manuvel Malabar Jewellers, industry veterans, and HNIs, Mr. Nivedan Sahay and Mr. Neeraj Aggarwala, and a debt funding worth INR 15 Cr from Eclear Leasing and Finance.’
For co-lending, has strategic alliance with Eclear Leasing & Finance Pvt. Ltd and MAG Finserve Company Limited for co-lending business. The company hopes to provide a frictionless experience for gold borrowers with reasonable interest rates and a high loan-to-value ratio as a result of this relationship.
ABL Workspace Pvt Ltd, a premium co-working space, has also funded the firm. In 2021, Ruptok teamed with Xiaomi and bought Gold Uno, a Mumbai-based company, from Vinrak Technologies Pvt Ltd in an all-stock deal.
Follow Startup Story
Related Posts
