Founded in 2015 Rupeek, through its unique 'doorstep gold loans' using technology, is currently disbursing gold loans at an annual run rate of more than $200 million.
Online gold loan company Rupeek on Tuesday announced it has raised $60 million in two separate funding rounds.
Silicon Valley-based global venture capital firm GGV Capital, Bertelsmann India Investments, Binny Bansal of Flipkart, KB Investments, Tanglin Venture Partners, Sequoia India and Accel Partners participated in these rounds.
Being the largest importer of gold, India has almost 90% of it lying idle. Rupeek aims to monetise this idle gold. Founded in 2015 Rupeek, through its unique ‘doorstep gold loans’ using technology, is currently disbursing gold loans at an annual run rate of more than $200 million, a press release said.
Rupeek Fintech CEO Sumit Maniyar said, “Our plan is to scale existing and newer channels for gold monetisation. We will use the fresh funds to invest in technology, customer acquisition and work towards improving the accessibility of credit in the country.”
Hans Tung, seven-time Forbes Midas Lister and managing partner at GGV Capital, who now joins Rupeek as a board of director, said, “For India’s middle-class households, gold has long been a favourite way to save and invest. Rather than letting it sit idle, Rupeek has turned a family’s dormant asset into an easy way to get a loan at affordable rates to grow their small business or pay for emergency needs. With a marketplace of agents, Rupeek enables big, Indian banks to offer competitive gold loan products at the privacy of customer’s homes.”
Flipkart co-founder Binny Bansal said, “I am really excited about how Rupeek is opening up access to formal credit for a large base of users. Their strong customer proposition and approach of partnering with banks is truly a game changer for the unorganised gold loans space in India.”
“Since its early days, we have seen Rupeek evolve into a strongly differentiated fintech company, partnering with banks to bring superior solutions for its borrowers,” Sequoia Capital India MD GV Ravishankar said.
Bertelsmann India Investments MD Pankaj Makkar said: “We are excited to participate in Rupeek’s next phase of growth which is building the next generation financial technology company for secured assets lending.”
We are thrilled to partner with Rupeek and join the effort to help unlock the enormous economic potential of India by bringing innovation to the gold loan segment that is largely dominated by unorganised players as well as a few brick-and-mortar companies,” Chunsoo Kim, executive MD (head of global investment group) at KB Investment, said.