A digital lending company Rupeek has raised a total sum of 79 crore in an early-stage funding round led by Accel India and financial inclusion-focused investment firm Lok Capital.
Sequoia Capital Participates in the Round
The company is relied upon to be esteemed at $40-45 million after the exchange, they stated, including that current patron Sequoia Capital India will take part in the round. “The startup is adding Rs 2 crore to its loan portfolio every month and has revenue run rate of $1 million,” said one of the persons mentioned earlier.
Rupeek Raises Angel Funds from Anand Chandrasekaran
Rupeek has raised angel funds from Facebook executive and Snapdeal chief product officer Anand Chandrasekaran. The firm has also partnered with non-banking finance company (NBFC s) to give out gold loans.
The gold-loan space has typically been dominated by older NBFCs such as Muthoot Finance and Manappuram Finance.
Rupeek has a customer-facing mobile application. It also has physical branches where customers can pledge gold. The company offers personalized support, on demand pickup and return of the valuables while promising industry standard protection. It also offers a residency of one year on the gold credit. The organization enables the gold credit to be utilized for general purposes.