[Funding alert] Ruptok Fintech raises Rs 14 Cr in debt from Eclear Leasing
Ruptok Fintech, a startup focused on providing loans against gold, has secured debt funding of Rs 14 crore from Delhi-based NBFC Eclear Leasing and Finance.
plans to use this funding to venture into co-lending through an agreement with Eclear. With this alliance, the two companies intend to offer a higher loan to value (LTV) for borrowers than average market rates, in compliance with the directives laid down by RBI, a statement said.
Founded in July 2020, Ruptok Fintech has over 1,400 customers and disbursed gold loans of over Rs 60 crore till now.
Through the partnership with Eclear, Ruptok will offer an additional lending amount to the borrowers on the same pledged gold assets, with the help of its banking partners.
On raising the debt fund, Ankur Gupta, Founder and CEO, Ruptok Fintech said, “The opportunity in the lending industry is penetrating every day as the appetite for short terms loans has significantly increased in the past year.”
Ruptok is aiming to disburse around Rs 25 crore per month as part of its growth plan.
On the partnership, Manoj Bansal, CEO, Eclear Leasing and Finance, said, “The gold loan industry has grown tremendously in the past one year. The lending industry is burgeoning at present, especially with the increase in demand for short-term and instant loans.”
Ruptok Fintech is a technology-enabled platform that endeavours to provide instant disbursal of loans against gold jewellery at the doorstep of the customer.
In January this year, Ruptok raised an angel round of funding from Wurk, a Canada-based investment firm, and is backed by ABL Workspaces. It had also acquired Mumbai-based GoldUno.
Ruptok is present in eight cities across India, including Delhi-NCR, Mumbai, Pune, Nashik, Hyderabad, Jaipur, Vadodra, and Surat. It is planning to expand into 27 cities by the end of FY22.