Bangalore-based Rupeek, an online gold loan platform, recently welcomed new investors in the form of GGV Capital. The multinational venture capital firm took to Twitter on Tuesday to voice its support for the fledgling fintech company.
Rupeek has previously received support from the likes of veteran investment firm, Sequoia India, for bringing an “Amazon-like experience” to the Indian gold loan market.
A similar sentiment was echoed by Madhu Yalamarthi, of GGV Capital, who stressed the importance of the platform in the Indian landscape. The long-time investor highlighted the popularity of gold with the country’s middle class as an instrument of saving and investment, and the subsequent potential market for Rupeek.
Being from a family that took gold loans for 20 years, I’m pumped to assist @sumitmaniyar and @rupeekapp team make that experience better and cheaper for millions of Indian middle class families. Can’t wait to be in on this golden opportunity along with @hanstung and @GGVCapital https://t.co/6ApNjS5a9c pic.twitter.com/oyGl4xufQp
— Madhu Yalamarthi (@MadhuYalamarthi) February 26, 2020
The company was founded in 2015 by current CEO Sumit Maniyar and has since gained popularity, especially in the southern states.
Rupeek seems to be taking full advantage of an environment conducive for the exponential growth of fintech startups, of which the success of Paytm and growing popularity of Google Pay are prime examples. This, combined with a large potential market for the platform, shines a promising light upon the company.