Rupeek posts Rs 88.92 Cr in revenue, losses shrink marginally

Gold financing platform Rupeek made Rs 88.92 crore in revenue from operations in FY23, a 27.6% decline from Rs 122.93 crore it made in FY22. Its losses slightly shrunk as it posted Rs 281.57 crore in losses compared to Rs 364.37 crore in FY22.

The company spent Rs 376.88 crore in expenses this financial year, with the employee benefits scheme accounting for the largest chunk at Rs 161.08 crore. Finance costs for the company increased marginally to Rs 26.29 crore from Rs 20.01 crore in the previous fiscal year.

Headquartered in Bengaluru, Rupeek was founded in 2015 by Sumit Maniyar. The company is backed by Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital, and Lightbox, and had raised Rs 34 million in a funding round led by Lightbox.

In an interview with LiveMint in June, Maniyar said his focus will be to bring Rupeek to profitability in the next six years. Last year, the company said it has a presence in over 3,500 cities. It had also let go of about 200 employees in June last year, Entrackr reported.

To date, it has raised $140 million and is valued at about $634 million, reports suggest. The gold financing platform counts Jar, IndiaGold, and Oro as its rivals.

With inputs from Gaurav Tyagi.