• About
  • Contact
Monday, May 23, 2022
  • Login
Next Big Brand
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail
No Result
View All Result
Next Big Brand

Rupeek Raises $60 million Funding – High Hopes for Gold Loan Startup

Mihir Gupta by Mihir Gupta
February 25, 2020
in Startup, News, Tech
Reading Time: 3 mins read
A A
0
rupeek india - next big brand
  • Rupeek a gold-backed online lending platform raised $60 million in 2 funding rounds.
  • The start-up is backed-up by GGV Capital, Bertelsmann India Investments, Binny Bansal, KB Investments Co. (KBIC), Tanglin Venture Partners, Sequoia India, and Accel Partners.

Rupeek an online leader that grants loans again gold jewelry and heirlooms recently raised $60 million from its investors.

“Our plan is to scale existing and newer channels for gold monetization. We will use the fresh funds to invest in technology, customer acquisition and work towards improving the accessibility of credit in the country.” – Sumit Maniyar – CEO Rupeek

A Short Introduction of Rupeek:

Rupeek was founded in 2015 that aims to offer gold-backed loan products by collecting and depositing the precious metal at the nearest branch of the partner banks that offered the loan.

rupeek india - next big brand

The digital lending platform Rupeek currently operates in 10 cities including Bengaluru, Mumbai, New Delhi, Jaipur, Chennai, Ahmedabad, Surat, Mumbai, Coimbatore, and Pune.

“For India’s middle-class households, gold has long been a favorite 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.” – Hans Tung a managing partner at GGV Capital.

In 2017, Rupeek raised $2 million in a seed round from Sequoia Capital. Then in 2018 another funding round led by Accel Partners and injected around $6.83 million in series A funding.

Last year, it secured $30 million a series B round led by Bertelsmann India Investments. Rupeek is also supported by some India’s largest banks like Federal Bank and Karur Vysya Bank which are eager o diversify their portfolios.

rupeek india - next big brand

It’s newest offering gold overdraft allows users to store their gold beforehand, take out a loan against it anytime, then repay at will with interest.

“Their strong customer proposition and approach of partnering with banks is truly a gamechanger for the unorganized gold loan space in India” – Binny Bansal – co-founder Flipkart and Xto10X Technologies.

Is Rupeek’s Vision Worth $60 million Funding?

When we get to hear strong investors like Sequoia, Accel, Tanglin, Bertelsmann, and others investing together in an idea, it is definitely worth it (maybe much more than that).

“Rupeek has identified a key problem of availability and accessibility to credit to the self-employed sector in a market like India. The amount of satisfactory gold in India opens up the opportunity in terms of monetization and distribution” – Anand Daniel, partner at Accel Partners.

Rupeek is moving ahead with high hopes and plans to expand to 100 cities in the next 2 years. Rupeek’s goal is to increase its customer base from 1lakh to 1 million and provide accessibility of credit to a billion Indians through its asset-based offerings.

rupeek india - next big brand

Gold loan space is dominated by NBFCs like Muthoot Finance and Manappuram Finance. After emerging of fintech players like Paytm, PhonePe, Google Pay and others, fintech is slowly but steadily growing in India.

“India is known to have the world’s largest private gold holdings followed by China and the US. The underlying market demand coupled with Rupeek’s large scale disruption has given rise to the accelerated growth of the company’s loan and disbursals” – Chunsoo Kim – Executive managing director at KB investment.

Ending Note:

During the times when start-ups are laying off their employees to cut down their costing and expenses, there are starts ups like Rupeek that have a focused vision and commit that they have been able to observe a serious loophole in the economy.

Till now, Rupeek has raised $60 million and this year will definitely be the gamechanger year for the fintech startup. From 10 to 100 cities, from 1 lakh customer base to 1 million customer base, it will be an interesting watch.

On behalf of Next Big Brand, we wish all the very best to Rupeek for its journey in the coming years.

Previous Post

Superstar Product for HUL is Surf-Excel – ₹5000 Crore in Sales in Last Year

Next Post

Its Social Commerce This Time – ShareChat Acquires Elanic

Mihir Gupta

Mihir Gupta

Neophyte | Bibliophile | Audiophile

Related Posts

Paytm ceo
News

Vijay Shekhar Sharma Reappointed as Paytm MD and CEO Till December 2027

May 23, 2022
High street essentials founders
News

High Street Essentials Bags 40 Crore From Stride Ventures

May 20, 2022
Cars24 founder
Automobile

Used Car Ecommerce Platform Cars24 Lays Off 600 Employees To Cut Cost

May 19, 2022
Ola Foods logo
Food

Ola Foods Cancels Expansion Plans, Looks To Integrate With 10-minute Grocery Delivery

May 19, 2022
Sameer Nigam PhonePe CEO
News

PhonePe To Acquire WealthDesk For Around $50 Million & OpenQ For Nearly $25 Million

May 18, 2022
Smytten Founders
News

D2C Sampling Startup Smytten Raises Rs 100 Crore in Pre-Series B Led By Fireside Ventures

May 17, 2022
Next Post
sharechat acquires elanic - next big brand

Its Social Commerce This Time - ShareChat Acquires Elanic

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BROWSE BY TOPICS

Acquiring amazon Apple brand story BYJU Ravindran Byjus byjus news byjus the learning app Cryptocurrency Edtech Startups Elon Musk facebook fintech news Flipkart funding google Indian OTT Platforms Indian Unicorn Indian Unicorns Indian Unicorns of 2021 Mukesh Ambani Netflix NFT NFT Collection Non Fungible Tokens Ola OYO Paytm Reliance Retail Startup Acquisition Startup IPO startup news india Startups startups in india Swiggy Tiktok TikTok India Twitter Unicorns of 2022 Unicorns of India Unicorn Startups Upgrad YouTube Zomato Zomato App

Instagram

Follow Me!

Recent News

  • Vijay Shekhar Sharma Reappointed as Paytm MD and CEO Till December 2027
  • High Street Essentials Bags 40 Crore From Stride Ventures
  • Used Car Ecommerce Platform Cars24 Lays Off 600 Employees To Cut Cost

Latest News

Paytm ceo

Vijay Shekhar Sharma Reappointed as Paytm MD and CEO Till December 2027

May 23, 2022
High street essentials founders

High Street Essentials Bags 40 Crore From Stride Ventures

May 20, 2022
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail

© 2019 NBB. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.