Rupeek, an online gold loan platform, has raised Rs 50 crore from 360 One large value fund. The startup faced a 60% drop in its valuation last January but managed to secure the deal. The company’s board members decided to use this fund to grow further, expand in the market, and use it on general corporate activities. We are talking about Rupeek Raises Rs 50 Crore Fresh Funds From 360, One Large Value Fund.
The company raised over Rs 43 crore fund from its existing investors, including peak XV, Accel India, Bertelsmann, and CGV Investments, during FY24. According to Fintrackr, this startup has a valuation of Rs $250 million post-allotment. In a report by ET, Ruoeek was said to raise funds from Ranjan Pai’s investment office Claypond Capital and Axis Bank at a valuation of $200 to $250 million. Rupeek is an asset-backed online gold loan company that claims to offer its customers the lowest interest rates in the market. The startup is bringing digital financial products to millions of Indians by challenging decades of status quo in financial services.
Here we are discussing about Rupeek Raises Rs 50 Crore Fresh Funds From 360, One Large Value Fund :
This Bengaluru-based startup aims to revolutionize the gold loan market by offering rapid processing times. The startup boasts its fast management of the loan disbursement process within 30 minutes. Ruppek is competing with known entities like Oro Money, Ruptok, Yellow Metal, and more. The most significant external shareholder of Ruoeek is PeakXV, followed by Bertelsmann and Accel, with the newest investor, 360 One Large Value Fund, now holding 2.22% of the company’s stake.
Rupeek’s CEO, Sumit Maniyar, mentioned that they focus on a forward-looking approach rather than dwelling on the loss in the past. This positive approach has allowed Rupeek to secure new investments and maintain its credibility among investors amid difficult times. The company continues to look for innovation and expansion in the gold loan industry, highlighting its commitment to expand and advance in the market.
The startup’s board has passed a resolution to issue 1,307 convertible preference shares at an issue price of Rs 3,82492 each to raise Rs 50 crore. Founded by IIT Alumnus Sumit Maniyar and backed by investment partners including Bertelsmann, Sequoia Capital, GGV, and Accel Partners, the startup helps to offer equal access to credit for every Indian. The startup earns most of its revenue from selling services, which it recognizes as commission income and income from the lending business.
CONCLUSION
Rupeek, an online gold loan platform, has raised Rs 50 crore from 360 One large value fund. This Bengaluru-based startup had a post-allotment valuation of 250 million. This latest funding round adds to the Rs 43 crore raised from existing investors, including Peak XV, Accel India, Bertelsmann, and CGV Investments during FY24. The most significant external shareholder is Peak XV, followed by Bertelsmann and Accel, with 360 One Large Value Fund now holding a 2.22% stake. CEO Sumit Maniyar emphasizes a forward-looking approach, maintaining investor confidence and securing new investments despite past valuation challenges.
The funding round underscores the growing investor confidence in India’s fintech sector and reaffirms Rupeek’s position as a frontrunner in the industry. As digital transformation continues to reshape the financial landscape, Rupeek remains poised to capitalize on emerging opportunities and redefine the way credit is accessed and utilized.
Rupeek’s successful raise of Rs 50 crore in fresh funding from 360, One Large Value Fund marks a significant milestone in the company’s journey towards driving financial inclusion and empowerment through technology-enabled solutions. With the support of strategic investors and a relentless focus on innovation, Rupeek is well-positioned to consolidate its leadership position in the fintech space and create lasting value for its customers and stakeholders alike.
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