[Funding alert] Rupeek raises $34M led by Lightbox
Fintech startuphas raised $34 million in funding led by Lightbox. The asset-backed digital lending platform also announced that it has doubled its gold loan disbursals in December 2021 compared to 2020.
The RainMaker Group acted as the sole advisor to the company during this process. This latest round of funding will be used to significantly scale and build India’s largest digital asset backed fintech platform.
Sumit Maniyar, Founder and CEO, Rupeek said,
“We are grateful for the support received from customers, investors and employees, and for believing in us and showing their commitment during the most challenging times. Rupeek is the first brand that has digitised the entire process of obtaining secured credit against gold holdings, allowing users to get instant credit from the comfort of their homes. Our aim is to set the foundation for tech-led gold monetisation in the country through unique, industry-first innovations and further, unlock growth and credit for a billion Indians.”
Rupeek has shown an annual disbursement run rate of $1 billion in December 2021. At the recently concluded ‘Rupeek for India’ thought leadership event, the company showcased their upcoming lineup of disruptive products aimed at monetising India’s $2 trillion worth gold assets. After the tech-led doorstep model’s unparalleled growth, these new products currently in the pilot stage, will be the next big game changers and strong growth drivers for Rupeek in 2022.
Prashant Mehta, Partner at Lightbox said, “Sumit and the strong leadership team at Rupeek are at the forefront of product and technology innovation for gold-based digital financial products. Rupeek is targeting a massive $2 trillion opportunity, democratising access to cheap capital and fuelling India’s economy."
Rupeek is currently present in 35+ cities and has disbursed loans worth Rs 6500+ crores with 55 percent of its customers being first time borrowers. Headquartered in Bangalore, Rupeek's investors include Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital and Lightbox.