Fintech company Rupeek Fintech has raised $60 million in two separate rounds that is led by GGV Capital, Binny Bansal and Bertelsmann India Investments, among the others.
The startup headquartered at Bengaluru provides loans against gold as collateral. He even said that Rupeek would be using the funding to invest in technology and also to acquire customers. The company said in a statement that KB Investments, Tanglin Ventures, Sequoia India and Accel Partners also participated in the funding rounds.
Rupeek stands at a valuation of $300 million. This is after the closure of rounds, as per Bloomberg. Rupeek was founded in 2015, by IIT Powai alumni Sumit Maniyar. As of now, Rupeek is present in almost 10 cities with the likes of Mumbai, New Delhi, Jaipur, Chennai, and Ahmedabad. Rupeek says that it serves more than 2,000 locations at present.
Rupeek has partnered with banks like ICICI, Karur Vysya and Federal bank, in order to provide loans where the customers can get their gold valued at home, and also receive the loan amount directly into their bank accounts.
Last year, Rupeek had raised around $30 million in a round by Bertelsmann, with investors like Sequoia Capital and Accel Partners also investing.