Rupeek Raises $34 Million Led by Lightbox
Funds will be used to unlock growth opportunities and democratize access to secured credit
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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 pricesthrough 2021, Rupeek has demonstrated resilience with strong growth and continues to disruptthe category with its unique tech-led doorstep model and seamless integration with multiplelending partners, thereby driving efficiency in lowering its operational expenses.
At the recently concluded “Rupeek for India’ thought leadership event, the company showcasedtheir upcoming lineup of disruptive products aimed at monetising India’s $2 trillion worth goldassets. After witnessing the tech-led doorstep model’s unparalleled growth, these new productscurrently in the pilot stage, will be the next big game changers and strong growth drivers forRupeek in 2022, said a statement.
“We are grateful for the support received fromcustomers, investors and employees, and for believing in us and showing their commitment duringthe most challenging times. Rupeek is the first brand that has digitised the entire process ofobtaining secured credit against gold holdings, allowing users to get instant credit from the comfortof their homes. Our aim is to set the foundation for tech-led gold monetisation in the countrythrough unique, industry-first innovations and further, unlock growth and credit for a billionIndians,” said Sumit Maniyar, founder and CEO of Rupeek.
The funds will be used to unlock growth opportunities and democratize access to securedcredit.
“Sumit and the strong leadership team at Rupeekare 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 andfueling India’s economy. This latest round of funding will be used to significantly scale and buildIndia’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 digitallending fintech platforms. Built on “Technology, Trust and Transparency’ first ethos, its vision is tobe a new age, innovative brand solving the credit pain points of Indians. Rupeek aims todemocratise access to credit for every Indian by enabling hassle-free doorstep gold loans at thelowest interest rates, its first product with many more to follow. Rupeek is currently present in 35-pluscities and has disbursed loans worth INR 6500-plus crores with 55 per cent of its customers being first timeborrowers. Headquartered in Bangalore, Rupeek’s investors include Sequoia Capital, AccelPartners, Bertelsmann, GGV Capital and Lightbox, added the statement.
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 pricesthrough 2021, Rupeek has demonstrated resilience with strong growth and continues to disruptthe category with its unique tech-led doorstep model and seamless integration with multiplelending partners, thereby driving efficiency in lowering its operational expenses.
At the recently concluded “Rupeek for India’ thought leadership event, the company showcasedtheir upcoming lineup of disruptive products aimed at monetising India’s $2 trillion worth goldassets. After witnessing the tech-led doorstep model’s unparalleled growth, these new productscurrently in the pilot stage, will be the next big game changers and strong growth drivers forRupeek in 2022, said a statement.
