A platform for obtaining gold loans through the Internet Rupeek has successfully raised Rs 125 crore (roughly $15 million) in primary fundraising from Elevation Capital.
This is the second installment of the last funding round, in which 360 One Large Fund had already invested $6 million in May.
The board of Rupeek has approved a special resolution to sell 5,801 obligatory convertible preference shares at a price of Rs 2,15,467 apiece, with the goal of raising Rs 125 crore.
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According to sources, Rupeek has already secured Rs 175 crore ($21 million) in funding from Elevation and 360 One Large Fund. The remaining Rs 75 crore ($9 million) is expected to be provided by Ranjan Pai’s investment firm, Claypond Capital.
Rupeek, a company that offers gold loans, has encountered difficulties in expanding and experienced a significant decline of 60% in its worth. In January 2022, the company reached its highest valuation of $634 million. However, in the current round, its value plummeted to $250 million.
About Rupeek
Founded in 2015 by Sumit Maniyar, Rupeek is India’s leading asset-backed, digital lending fintech platform. Driven by the mission to make credit accessible to Indians in a fair and convenient way, Rupeek is pioneering innovative financial products to help monetize India’s $2 trillion gold.
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