Rupeek Raises $34 Million Led by Lightbox Funds will be used to unlock growth opportunities and democratize access to secured credit
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Rupeek, an asset-backed digital lending platform, has raised $34 million funding led by Lightbox and existing investors. The RainMaker Group acted as the sole advisor to the company during this process.
Despite the headwinds faced by the gold loan industry due to the decline in gold prices through 2021, Rupeek has demonstrated resilience with strong growth and continues to disrupt the category with its unique tech-led doorstep model and seamless integration with multiple lending partners, thereby driving efficiency in lowering its operational expenses.
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 witnessing 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, said a statement.
"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," said Sumit Maniyar, founder and CEO of Rupeek.
The funds will be used to unlock growth opportunities and democratize access to secured credit.
"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, democratizing access to cheap capital and fueling India's economy. This latest round of funding will be used to significantly scale and build India's largest digital asset backed fintech platform," said Prashant Mehta, partner at Lightbox.
Founded in 2015, Rupeek is India's leading, and one of the most preferred asset-backed digital lending fintech platforms. Built on "Technology, Trust and Transparency' first ethos, its vision is to be a new age, innovative brand solving the credit pain points of Indians. Rupeek aims to democratise access to credit for every Indian by enabling hassle-free doorstep gold loans at the lowest interest rates, its first product with many more to follow. Rupeek is currently present in 35-plus cities and has disbursed loans worth INR 6500-plus crores with 55 per cent of its customers being first time borrowers. Headquartered in Bangalore, Rupeek's investors include Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital and Lightbox, added the statement.
