Rupeek in talks for a funding round with Manipal's Ranjan Pai and Axis Bank to develop a doorstep gold loan facility
Rupeek in talks for a funding round with Manipal's Ranjan Pai and Axis Bank to develop a doorstep gold loan facility
05/03/24, 12:44 AM
Location
bengaluruIndustry
financial services
Investors
Axis Bank, Ranjan Pai
Rupeek, a Bengaluru-based gold loan startup, is reportedly in talks with Manipal Group chairman Ranjan Pai’s investment office Claypond Capital and private sector lender Axis Bank for a funding round. The investment aims to develop a doorstep gold loan facility for Axis Bank customers.
Company Info
Location
bengaluru, karnataka, india
Additional Info
The company touched an annual disbursement run rate of $1 billion in December, it said on Tuesday. The company claims it has disbursed loans worth over Rs 6,500 crore to date, and that 55% of its customers are first time borrowers. Before that, the company had raised $60 million in 2020, across two separate rounds led by GGV Capital, Binny Bansal and Bertelsmann India Investments. Gold loans provider Rupeek said on Tuesday it has raised $34 million in a fresh round of funding led by Lightbox. Rupeek said it would use the funds to scale further and invest in new products. Founded in 2015, Rupeek provides gold loans at consumers' doorsteps.