Finance technology sector is getting a lot of interest from investors. After Credifiable secured funding from Kae Capital this week, another digital lending startup, Rupeek is now all set to raise around ₹79 crore in a new funding round.
As per the reports, the startup, which is a digital lending company offering gold loans, will raise the funding round from Accel India and Lok Capital. Its existing backer Sequoia Capital India will also be participating in this round.
With the said funding round, the company is expected to be valued at around $40-45 million. A person aware of the matter said, “The startup is adding Rs. 2 crore to its loan portfolio every month and has a revenue run rate of $1 million.”
Rupeek is not a non-banking finance company. Thus, the company has partnered with NBFCs to give out gold loans. It has also raised angel funds from Facebook executive and former Snapdeal chief product officer Anand Chandrasekaran.
The company says that it is an asset-backed online lending platform, which is disrupting traditional brick-and-mortar lending model. It further states that the startup has low operational costs, and credit evaluation tools are making credit cheaper for borrowers and investing more valuable for lenders.
Rupeek aims to bring financial inclusion for the masses and introduce products that are transparent, people friendly and provide value for lenders and borrowers.