[Funding alert] Goldtech startup Ruptok Fintech raises Rs 16 Cr in pre-Series A round
, a fintech platform for gold loans, has raised Rs 16 crore worth of capital in its pre-Series A funding round from existing and new investors, including Manuvel Malabar Jewellers, and industry veterans and HNIs Nivedan Sahay and Neeraj Aggarwala.
The fresh capital will be utilised to bolster its business growth by diversifying its loan book and integrating breakthrough technology into its financial products and services.
In the past year, the company claims to have disbursed over Rs 60 crore to 1,600+ customers.
Currently, Ruptok is banking correspondent to CSB Bank and Fincare Small Finance Bank. In a recent move, Ruptok also expanded its operations to eight cities, including Delhi-NCR, Mumbai, Jaipur, Vadodara, Surat, Pune, Nashik, and Hyderabad. It intends to be present in 27 cities by FY22.
Ankur Gupta, Founder and CEO, Ruptok Fintech Pvt Ltd, said,
“We are delighted to announce the latest capital infusion. The gold loan industry has seen tremendous changes in recent years. As the need for short-term industry and retail loans continues to rise, we aim to strengthen our efforts of providing customers with technologically driven quick loan disbursals. The raised funds will be used to accelerate our endeavour of providing faster, technologically driven gold loans at the doorstep of the customer. We thank our investors for showing unparalleled faith in our vision.”
Manuvel Mezhukanal, Chairman of Manuvel Malabar Jewellers said the gold loan sector has expanded dramatically in the last year.
"The lending sector is booming right now, owing to the growing demand for short-term and instant loans. With its intense plans to expand, Ruptok intends to become India's leading platform for gold loans. We're thrilled to be a part of Ruptok's endeavour to achieve its objectives," Manuvel said.
Akshita Gupta, Founder, ABL Workspaces, said the Indian fintech business has seen enormous development in recent years, particularly during the pandemic.
“The global crisis has resulted in a fundamental shift in consumer behaviour, with most services now available at their doorstep. Currently, the industry is drawing a variety of fresh ideas and unique solutions to fulfill the primary needs of customers while ensuring maximum ease. We'd want to accompany Ruptok on the path to success.”
In August 2021, Ruptok raised capital from Eclear Leasing and Finance, a New Delhi-based NBFC for entering into a strategic co-lending agreement with the company. The company has also received angel investment from Wurk, a Canada-based investment firm. It had acquired, a Mumbai-based firm, from Vinrak Technologies Private Limited in an all-stock deal.
With the fresh investment, Ruptok will further deepen its roots in the market to become a leading player in gold loans.
Edited by Teja Lele