Bengaluru-based Rupeek bags $30 million from Bertelsmann India, Accel, Sequoia India

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

Rupeek, a gold loans lending platform, based out of Bengaluru, has bagged $30 million (approx ₹213 crore) funding in a round led by Bertelsmann India, with other participants such as Accel and Sequoia India.

The infused funds will be use to support the company’s product development and market expansion.

Sumit Maniyar, founder and CEO of Rupeek said, “We will be using our proprietary tech hardware to ensure standardisation, fairness, and scalability in gold purity assessment. The investment will also help us rapidly scale across new markets.”

Rupeek was founded by Sumit Maniyar and Ashwin Soni in 2015. The platform aims to bring transparency in the gold loans lending space and monetise India’s idle gold. While, the company said that this will generate liquidity which in turn will increase economic activity.

The platform also claims to offer a 30-minutes doorstep service for gold loans, on-demand pickup and return of the valuables. Rupeek has partnered with banks such as Federal Bank and Karur Vysya Bank.

Furthermore, the company claims to be currently disbursing gold loans at an annual run rate of over $150 Mn and has a growth rate of 20% month on month.

GV Ravishankar, managing director, Sequoia Capital India said, “Their efficient use of technology to scale the credit evaluation and disbursement process has resulted in over 10x growth in the last 12 months. Today, their business model is contributing significantly towards creating a strong value proposition for banks to provide credit access to small businesses at affordable rates.”

India currently holds 27K tonnes of gold worth more than $1 Tn, out of which only 6-7% is monetized through the organised market, said the company.

The unorganized market is estimated to be three times the size of the organised gold loan market of $90 Bn per annum, the company further said.

The gold loan space has mostly been dominated by Non-banking financial institutions (NBFC’s) like Muthoot Finance and Manappuram Finance.

Some of the significant platform with similar objective includes Paytm, PhonePe, Google Pay, and many more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Russia, US must normalise diplomatic missions: Russian FM

Moscow, Oct 21 (IANS) Russia and the United States must normalize the work of each other's diplomatic missions, and...

Iran’s nuclear industry ‘indigenised’: Official

Tehran, Oct 21 (IANS) Iran's nuclear industry has been entirely indigenised, a senior official at the Atomic Energy Organization of Iran (AEOI) said."One hundred...

Pakistan, India to ink Kartarpur agreement this week

Islamabad, Oct 21 (IANS) The agreement on the Kartarpur Corridor is to be inked between Pakistan and India on Wednesday or Thursday, even as...

Singh Brothers: The method to strip their company bare (IANS Exclusive 2)

New Delhi, Oct 21 (IANS) The Singh Bros -- Malvinder Mohan Singh (MMS) and Shivinder Mohan Singh (SMS) -- were the key forces behind...

‘US troops withdrawing from Syria to western Iraq’

Washington, Oct 21 (IANS) US Defense Secretary Mark Esper said roughly 1,000 US troops withdrawing from the northeastern Syria will be repositioned into western...
- Advertisement -

More Articles Like This