[Funding alert] Fintech startup Ruptok raises Rs 10 Cr from Canadian investment firm Wurk
Ruptok Fintech Pvt Ltd, a Delhi-based fintech platform for gold loans, has raised Rs 10 crore in an angel funding round from Wurk, a Canadian investment firm.
The fund raised will be utilised by the startup to fuel up the business and operations in Jaipur and Mumbai by March 2021. Along with this, the funds will be used to acquire the talent to strengthen the team size.
“During the pandemic, we have witnessed several people facing liquidity crunch and selling their assets to accomplish their financial needs. Our idea behind launching Ruptok last year was to offer easy financing options to the customers at the comfort of their doorstep,” said Ankur Gupta, Founder and CEO, Ruptok.
“This capital will help us to fuel up our business expansion plans to new cities. We are committed to provide gold loans accessible and hassle-free not only for financial institutions but for small and large businesses alike,” he added.
Founded in July 2020 by Ankur Gupta, Akshita Gupta, and Yashwardhan Aeren, Ruptok has been working towards offering logistics and technological solutions for gold loans to financial institutes at their doorstep in Delhi NCR. The startup endeavours to provide instant loans against gold jewellery (18 carats and above) within 30 minutes.
Ruptok is backed by ABL Workspaces Pvt Ltd, a co-working space. The company claims that it leverages the low-cost operational model and credit evaluation tools to offer loans at competitive pricing with a minimum jumping interest rate of 0.85 percent.
In less than a year, Ruptok said it has already achieved an assets under management (AUM) of approximately Rs 15 crore and is expected to grow it to Rs 50 crore by the end of this FY21.
“We believe Ruptok has kick started the operations at the perfect timing to address the financial challenges of the customers with their close to door and instant services. We would like to join Ruptok in their journey to success,” added Barbara Holding, a spokesperson from Wurk.
The customers can apply, renew and repay interest or principal of loans using the company’s app from the comfort of their homes. The customers need to complete the verification and security process by submitting KYC documents like Aadhaar Card, PAN Card, Passport and Driving License among others.
The company plans to expand operations in up to 22 cities in India by FY23. To start with, Ruptok will first step up its operations into two new markets Jaipur and Mumbai by March 2021.
Edited by Saheli Sen Gupta