One of the leading Indian Fintech platforms providing digital lending and asset-backing is Rupeek. The mission of this Company is to provide its people with a convenient and fairway of credit. The country’s $2 Trillion gold is monetized with the innovative pioneering of financial products by Rupeek.
Indian gold loan disbursement has been transformed with asset-light supply chain and state-of-the-art technology by this application.
The Company has partnerships with leading financial institutions and banks for building assets backed by gold in a friction-free mode with low risk and touch. The Company was founded in 2015 and had over 5000 employees working with its headquarters in Bangalore, Karnataka.
Personal loans, gold loans, and credit risks are the top specialities of this firm. The organization operates across 30 cities with $69 million of disbursement a month.
Creative mind and Birth of Rupeek
Rejections in life are a blessing for the people to let them know that there is something better and maybe best waiting ahead in life. The same applied to the founder of Rupeek – Sumit Maniyar.
It happened to be that the Marwadi boy and an IIT Bombay graduate with a decent background was rejected a loan in 2012 despite meeting the required terms and conditions. This rejection led to a startup backed by Binny Bansal, co-founder of Flipkart and Sequoia Capital.
Currently, Rupeek is of $300 million value with ₹250 crore of loan disbursements per month. Now, Maniyar, a Chartered Financial Analyst, aims for ₹1000 crore target a month within a year.
Funding and Recognition of Rupeek
According to the regulatory filings, 2,860 Series E Preference shares are allotted by Rupeek of ₹8,34,788 each.
$13.2 million has been infused by the new investors GGV capital, while High Sage Investments and Vostok Emerging finance have invested $7.1 million each.
The existing investments are $4.6 million and $1 million by Bertelsmann BV and Gemini Investments.
Federal Bank, Karur Vysya Bank, and ICICI Bank are its top lending partners.
The Company has been valued at $515 million as per. Fintrackr’s estimation in the new round of the first tranche.
Rupeek was recognized as the ‘Emerging Startup’ at the Fintech Sector in the Tracxn Emerging Awards earlier in 2020.
The saying’ We are our Choices. Build yourself a great story by Jeff Bezos was rightly applied by Maniyar, making him stand strong and successful with Rupeek.
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