Rupeek Fintech, the India-based consumer lending platform backed by media group Bertelsmann, has secured $60m in funding at a $300m-plus valuation, the Economic Times reported today, citing a company statement.
The funding was supplied by investment adviser Tanglin Venture Partners, venture capital firm GGV Capital, investment firm KB Investment and BTB Ventures, the firm created by Binny Bansal, co-founder of e-commerce marketplace Flipkart.
Founded in 2015, Rupeek provides loans to consumers who put up gold or jewellery as collateral. The company has regional branches as well as offices located in banks, but offers the option of visiting customers to assess their gold at home.
Founder and chief executive Sumit Maniyar said Rupeek is currently disbursing some $28m in loans per month, up from $1.5m in January 2019. It pledges better interest rates, longer tenors and better rates per gram than rival gold-based lenders.
Maniyar told ET: “More and more first-time gold borrowers are coming on board. We give Indians a far more discreet option compared with pledging family jewels with the neighbourhood pawnbroker.”
The company has now raised more than $99m altogether, the latest funding following a $30m round led by Bertelsmann vehicle Bertelsmann India Investments and backed by VC firms Sequoia Capital India and Accel in August 2019.
Accel and existing investor Sequoia India had already participated in a $6.8m series A round for Rupeek in early 2018 that lifted its overall funding to $9.3m.
