Rupeek manages to raise $30 Mn from Binny Bansal, GGV Capital and KB Investments
Gold loans have been a traditional lending way, largely dominated by NBFCs and unorganised markets. Fintech revolution in Indian has given rise to a handful of startups, and Rupeek has managed to rise above the rest in making loans easy and fast.
Rupeek offers gold loans at the customer’s doorstep and completes the loan underwriting-to-disbursal process within 30 minutes. The company’s approach to the problem and execution has been attracting blue-chip investors. After raising $30 million in August 2019, Rupeek has raised another $30 million from Flipkart co-founder Binny Bansal, GGV Capital and Korea’s KB Investments.
Along with the above investors, existing backers include Sequoia Capital, Accel Partners and Bertelsmann also participated in the round. With this new financing round, Rupeek has raised $72 million in total risk capital will use proceeds towards accelerating growth and expansion.
Through partnering recognised lenders, Rupeek claims to offer hassle-free gold loans with minimal paperwork and fast processing. It provides two programmes – Regular E-pay plus (monthly interest rate) and No Tension Plus (fixed interest rate).
The gold-loan space in the organised market is largely dominated by traditional NBFCs such as Muthoot Finance and Manappuram Finance. However, they primarily operate through a network of offline outlets and agents. Rupeek has an advantage over them as it’s relying on digital channels for customer acquisition.