Rupeek, a Bangalore-based online gold loan platform in a fresh funding round has raised $6.83 million (Rs 44 Crore). It was Accel Partners who led the funding round through their $5 million (Rs 32.55 Crore) infusion in the firm.
According to the filings by the firm with the Ministry of Corporate Affairs (MCA) existing investor Sequoia Capital invested the remaining funds. As per MCA, Sequoia had invested $2 million in the firm last year in January a well. In last three years, the firm saw a number of investors in their own capacity ($346,000) back the firm. Likes of Anand Chandrasekaran (former CPO, Snapdeal), Anupam Mittal (founder, People Group), Kunal Shah (founder, Freecharge) and Ravi Garikipati (CTO, Flipkart) had put their bet on the firm through their investments.
The total funding amount after this latest infusion goes to $9.25 million (Rs 59.6 crore) while the valuation of the firm according to VCCircle estimates now stands at $31 million (around Rs 200 crore) which is more than 5 times of their last valuation which was taken after their last funding.
Sumit Maniyar and Ashwin Soni had founded the firm in 2015 whose android app can be used to apply for gold loans by providing details including identity and address proof as well as a canceled cheque. Once the company approves the details, it directly deposits the amount in the bank account of the consumer. They only accept gold jewellery as a pledging asset.
The company has a feature where the customers can ask the company representative to visit them at their home and get the procedure done there. The company offers 1-year tenure for the gold loan. Operating only in Bengaluru, the firm has partnered with Federal Bank and Karnataka-based Yogakshemam Loans Pvt. Ltd.
Image Credit : Rupeek