Rupeek, which is a financial technology startup, has now secured $30 million led by the Bertelsmann India Investment with the participation from some of the existing investors Sequoia India and Accel. The funding will be going to have completed in two tranches, and it will be going to be used for the market expansion and product development.
The company which is founded in the year 2015, it claims that as of now it is disbursing gold loans at an annual rate of more than $150 million and is growing at a rate of 20% monthly.
“We would like to bring transparency in the lending space and protect retail investor interest at all costs. We will be using our proprietary tech hardware to ensure standardization, fairness, and scalability in gold purity assessment. The investment will also help us rapidly scale across new markets,” said Sumit Maniyar, Founder & CEO, Rupeek.
As of now, Karur Vysya Bank and Federal Bank are its lending partners.
Pankaj Makkar, Managing Director at Bertelsmann India Investments, said, “Powered by state-of-the-art technology and an automated asset-light supply chain, Rupeek is transforming the way gold loans are disbursed in India.”
As of now, India imports around 800 tonnes of gold annually without, even contributing to the GDP multiplier as most of the imported gold sits idle in the form of jewelry.