Rupeek is a gold loan platform that secured a $15 million primary fund in its funding round led by Elevation Capital. This round was the second tranche of the new round in which $6 million was invested by 360 One Large Fund during May. The firm plans to use these fresh proceeds to meet operating expenses, enhance its platform, and expand its network. Here we are talking about Gold loan platform Rupeek secured $15 million in its funding round led by Elevation Capital.
The board at Rupeek has approved a special resolution to allot 5,801 compulsory convertible preference shares at an issue price of Rs 2,15,467 each to raise Rs 125 crore. Entrackr mentioned that the firm closed its round at Rs 250 crore. This company received an investment of $21 million from Elevation Capital and 360 One Large Fund. The remaining $9 million is more likely to be invested by Ranjan Pai’s investment firm Claypond Capital. The person close to the deal told Entrackr that Sumit Maniyar along with employees and existing investor Bertelsmann are also planning to dilute $8 million to $10 million worth of shares to Claypond Capital.
The startup offers online gold loans at low interest rates while providing customized services to all users. The application prioritizes safe pick-up and delivery of the valuables. This gold loaning platform has secured a total of $165 million to date. The startup data intelligence startup, The Kredible, mentioned that after this round, Peak XV was the biggest external stakeholder of the company, followed by Accel and Bertelsmann. The startup competes with other gold loaning platforms including Yellow Metal, Oro Mone, Indiagold, and Ruptok.
Rupeek has been trying to scale and reported a 60 percent erosion in its value. The best valuation for this firm was in 2022 at $634 million. However, the firm is worth $250 million in ongoing rounds. Entrackr reports. The operational revenue decreased by 27.6 percent to Rs 89 crore in FY23 while the losses reached Rs 281 crore in the same duration. Ruppek is a leading asset-backed leading digital gold lending fintech platform.
Conclusion
Rupeek is a gold loan platform that allows users to take gold loans at low interest rates. The startup successfully secured $15 million in its funding round led by Elevation Capital. The funding round saw participation from various investors including 360 One Large Value Fund, and Bertelsmann, among others. The startup will use these fresh proceeds to meet operating expenses, scale its tech infrastructure, strengthen security, and enhance user experience.
The platform offers user-friendly, transparent, and easy gold loan disbursement solutions customized for each user. The startup competes with other gold loaning platforms including Yellow Metal, Oro Mone, Indiagold, and Ruptok. The startup offers online gold loans at low interest rates while providing customized services to all users. The application prioritizes safe pick-up and delivery of the valuables. This round was the second tranche of the new round in which $6 million was invested by 360 One Large Fund during May. The application makes the gold loaning process simple and secure using its innovative technologies.
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