Rupeek Secures INR 125 Crore from Elevation Capital to Boost Gold Loan Platform
- ByStartupStory | June 27, 2024
Online gold loan platform Rupeek has successfully secured INR 125 crore (approximately USD 15 million) in primary funding from Elevation Capital. This latest funding round highlights the continued investor confidence in Rupeek’s innovative approach to gold loans and its growth potential in the Indian market.
Entrackr reports that 360 One Large Fund had earlier contributed USD 6 million in the first tranche of this funding round in May. This second tranche marks a significant milestone for Rupeek as it continues to expand its footprint. The report, which cited records from the Registrar of Companies, stated that Rupeek’s Board had passed a special resolution to issue 5,801 compulsory convertible preference shares at INR 2,15,467 per share with the goal of raising INR 125 crore.
The Bengaluru-based company is anticipated to complete this round at approximately INR 250 crore. So far, Elevation Capital and 360 One Large Fund have contributed a combined total of INR 175 crore (USD 21 million) to Rupeek’s funding. The remaining INR 75 crore (USD 9 million) is expected to come from Ranjan Pai’s investment office, Claypond Capital, according to sources cited in the report.
In addition to the new investment, it is reported that Rupeek’s founder, Sumit Maniyar, along with employees and early backer Bertelsmann, may sell around USD 8–10 million worth of shares to Claypond Capital.
Sumit Maniyar, an IIT alumnus, founded Rupeek in 2015. Since its inception, Rupeek has garnered support from prominent investors including Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital, and Lightbox. In a previous funding round led by Lightbox, Rupeek raised USD 34 million.
This latest funding will enable Rupeek to further enhance its technology platform, expand its service offerings, and strengthen its market presence. The company’s innovative approach to providing gold loans has made it a leader in the fintech space, offering customers a seamless and efficient borrowing experience.
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