Gold to Rupees to Rupeek, Fintech Startup Raises $60mn
- Tejas Rokhade
- Feb 27, 2020
- 2 min read
Rupeek, a gold-backed online lending platform has raised $60 million from GGV Capital, Bertelsmann India Investments, Binny Bansal, KB Investments, Tanglin Venture Partners, Sequoia India, and Accel Partners.
Crux of the Matter
Gold to Rupees to Rupeek The fintech startup, founded in 2015, enables local big banks to offer loan products by collecting and depositing the gold at the nearest branch of the partner banks that offered the loan. Rupeek has turned the idle lying asset, gold, into an easy way to get a loan at affordable rates for someone who wants to grow her small business or pay for emergency needs.
Our plan is to scale existing and newer channels for gold monetization. We aim towards working to improve the accessibility of credit in the country. – Sumit Maniyar, Rupeek CEO
The startup currently operates in 10 cities namely Bengaluru, Mumbai, New Delhi, Jaipur, Chennai, Ahmedabad, Surat, Mumbai, Coimbatore, and Pune.
Gold Digger’s Journey The company will be investing the raised funds in technology and customer acquisition. It aims to reach 1 billion Indians by 2022 across 100 cities. Managing Partner of GGV Capital Hans Tung believes ‘gold has long been a favorite way to save and invest for India’s middle-class households.’ According to a statement by Rupeek, India has almost 90% of its gold lying idle and it aims to monetize India’s $1 trillion gold and help the country achieve its $5-trillion economy goal by 2025. The company had raised $2 million from Sequoia Capital in 2017 and $6.8 million series A funding from Accel Partners in 2018. In 2019, it secured $30 million in Series B funding from Bertelsmann India Investments.
Curiopedia
Rupeek is an asset-backed online lending platform, it is disrupting traditional brick-and-mortar lending model. With low operational costs and credit evaluation tools, the fintech makes credit cheaper for borrowers and investing more valuable for lenders. It offers valuable lending solutions at the most affordable interest rates in the market with delightful customer experience for our borrowers. They charge zero processing fee and offer lower interest rates, personalised support, on-demand pickup and return of the valuables. More Info
Asset-based lending is any kind of lending secured by an asset which basically suggests that if the loan is not repaid, the asset is taken. More commonly, however, the phrase is used to describe lending to business and large corporations using assets not normally used in other loans. Typically, these loans are tied to inventory, accounts receivable, machinery and equipment. Other forms of secured loans include loans against securities – such as gold, shares, mutual funds, bonds, etc. Gold loans are issued to customers after evaluating the quantity and quality of gold in the items pledged. More Info
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