Rupeek secures Rs 125 Cr from Elevation Capital through CCPS: Report
The funding marks the second part of Rupeek's latest round after an investment of $6 million by 360 One Large Fund in May.
, an online gold loan platform, has reportedly raised Rs 125 crore (around $15 million) in primary funding from Elevation Capital.
This marks the second part of the latest funding round, following an investment of $6 million by 360 One Large Fund in May, according to Entrackr. Rupeek's Board has approved a special resolution to issue 5,801 compulsory convertible preference shares at Rs 2,15,467 per share, aiming to raise Rs 125 crore, the report said, citing documents from the Registrar of Companies.
The Bengaluru-based company is expected to close this round at approximately Rs 250 crore. So far, Rupeek has secured Rs 175 crore ($21 million) from Elevation Capital and 360 One Large Fund. The remaining Rs 75 crore ($9 million) is anticipated to come from Ranjan Pai’s investment office, Claypond Capital, the report said citing sources.
Sumit Maniyar, along with employees and Rupeek’s early backer Bertelsmann, may sell around $8-10 million worth of shares to Claypond Capital.
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 $34 million in a funding round led by Lightbox.
Edited by Jyoti Narayan