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Rupeek raises $60 million in two separate funding rounds

RupeekBengaluru-based Rupeek, an online gold loan brand, announced the raise of $60 million from separate funding rounds. Silicon Valley-based global venture capital firm GGV Capital, Bertelsmann India Investments, Co-Founder of Flipkart Binny Bansal, KB Investments Co (KBIC), Tanglin Venture Partners, Sequoia India and Accel Partners participated in the rounds.

Sumit Maniyar, Chief Executive Officer, Rupeek enunciated, “We have seen a massive transformation in the fintech sector and potential opportunities to partner with banks. 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.”

Founded in 2015, Rupeek stated that it aims to monetise India’s idle gold and; believes that FinTech startups and banks can collaborate to launch innovative solutions and increase efficiencies in the market.

Hans Tung, Managing Partner, GGV Capital who now joins Rupeek as a Board of Director said, “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. With a marketplace of agents, Rupeek enables big, Indian banks to offer competitive gold loan products at the privacy of customer’s homes by sending agents to people’s homes and depositing the gold at the nearest branch of the partner bank that offered the loan…”

Presently, Rupeek is disbursing gold loans at an annual run rate of over $200 million, and is in ten cities including Bengaluru, Mumbai, New Delhi, Jaipur, Chennai, Ahmedabad, Surat, Mumbai, Coimbatore and Pune. In August 2019, it raised $30 million in a round led by Bertelsmann India Investments, along with existing investors US-based venture capital firm Accel and Sequoia India.

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