Online financial technology marketplace Rubique today said it has raised USD 3 million (about Rs 19.38 crore) from its existing investors including venture capital firm Kalaari Capital. The company had last year announced that it intends to raise USD 10-15 million in a series B round. The funds will be used to strengthen technology product with data science methods and explore new product territories in insurance and mutual funds.
The money has been invested by Kalaari Capital and Udayan Goyal, managing partner at Apis Partners, a financial services-oriented private equity firm, the company said in a statement. In April last year, Rubique had raised USD 3 million in series A from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Angel Circle.
“We will be leveraging these funds to make even greater inroads across India, strengthen technology product… and explore new product territories in insurance and mutual funds,” Rubique CEO Manavjeet Singh said. The company provides individuals and SMEs access for financing through range of loan and credit card products.
It claims to have disbursed over Rs 1,500 crore worth of loans across 27 cities till date. Of this, Rs 250 crore was disbursed in the last two months alone.