Chhavideep Singh
Source: Paisabazaar.com
Ruptok Finance Private Limited is a Financial technology start-up that enables easy access to gold loans and provides financial institutes with door-step delivery. The start-up has recently announced to have raised INR 10 crore in its Angel financing round which was reportedly led by Canada-based Human Resource start-up, Wurk.
Founded last year in 2020 by Ankur Gupta, Akshita Gupta and Yashwardhan Aeren, Ruptok offers instant loans within 30 minutes against gold and has been offering its services in the national capital, Delhi NCR since its inception.
When asked about the recent funding, the start-up mentioned utilising these funds to expand its operations in other cities and fuel its business in Mumbai and Jaipur by March this year. According to a report by Entrepreneur, the company also plans to hire talent to strengthen its core team.
The Unique Selling Point or USP of the company is that it enables financial institutions to get instant loans against gold items- gold bars or gold jewellery of minimum 18 carats within just 30 minutes.
According to the official statement given by the company, Ruptok leverages lo-cost credit valuation tools with a low-cost operational model to offer gold loans at competitive market prices. The company further mentions that the minimum jumping Rate Of Interests on availing gold loans is 0.85% and because if such operational tools and business model, the start-up has successfully achieved AUM (Assets Under Management) worth Rs 15 crore. Concluding the statement, Ruptok spokesperson mentioned that the start-up is expected to grow its Assets Under Management to Rs 50 crore by the end of current Financial Year 2021, as mentioned in a report by Entrepreneur.
The COVID-19 pandemic has been a trouble for everyone across the globe and people were generally worried about their financial liquidity, facing a major crunch during the months of the nation-wide lockdown. Ankur Gupta, Chief Executive Officer and Founder, Ruptok Fintech Private Limited mentioned in a statement that the company had witnessed this issue among people where they were selling their assets to gain some financial liquidity and considering the issue at hand, Ruptok was launched with this idea to offer easy financing options to people without wanting them to expose themselves to the threat of the virus. Ruptok enabled easy gold loan options for people with door-step delivery. Furthermore, Gupta mentioned that the new capital will be utilised to accelerate the company’s expansion plans and it aims to provide easy gold loans, not only to financial institutes but also to small and large enterprises.