Rupeek has secured $34 million in funding backed by the Lightbox. The asset-based digital lending platform has also announced that it has doubled its global loan disbursals in the month of December 2021.
Rupeek, as of now, is available in 35+ cities and has also disbursed around INR 6500 crores worth of loans, with 55% of its customers being first-time borrowers. It is headquartered in Bangalore; Rupeek investors include GGV Capital, Accel Partners, Sequoia Capital, and Lightbox.
The RainMaker Group acted as a sole advisor to the company during the process. This latest round of funding will be used to scale and build the largest digital asset-backed financial technology platform.
Rupeek has shown an annual disbursement run rate of around $1 billion in the month of December 2021. Moreover, ‘Rupeek’ for India thought leadership event, the company showcased their upcoming lineup of disruptive products aimed at monetizing India's $2 trillion worth of gold assets. After the technology-led doorstep model unparalleled growth, these new products, as of now, are in the pilot stage, which will be the next big game-changer and strong growth drivers for Rupeek in the year 2022.
Sumit Maniyar, Founder and CEO, Rupeek said,
“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.”
Prashant Mehta, Partner at Lightbox, said, “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, democratising access to cheap capital and fuelling India’s economy."