Rupeek raises $30mn in round led by Bertelsmann India

RupeekBengaluru-based Rupeek has raised $30 million worth of funds in a round led by Bertelsmann India Investments, along with existing investors US-based venture capital firm Accel and Sequoia India.

Rupeek, which operates an online marketplace for gold loans, will use the funds for market expansion and towards product development, it said in a statement.

“The investment will also help us rapidly scale across new markets,” said Sumit Maniyar, Founder and CEO of Rupeek.

“As a brand, 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,” Maniyar said.

The funding will be carried out in two tranches.

“Gold is integral to the Indian way of life and monetization of gold assets in the country represents a massive opportunity. Rupeek is perfectly poised to capitalize on this unique opportunity based on its innovative business model,” said Anand Daniel, Partner at Accel.

Bertelsmann India Investments is a venture capital fund owned by Bertelsmann, a media, services and education company that operates in about 50 countries around the world. Bertelsmann owns trade book publisher Penguin Random House, the music company BMG, among others.

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