Rupeek, an online gold loan platform has raised Rs 50 crore from 360 One large value fund. The startup  faced a 60% drop in its valuation last January but still managed to secure the deal. The company’s  board members decided to use this fund to grow further and expand in the market as well as use it on general corporate activities. 

The company raised over Rs 43 crore fund from its existing investors including peak XV, Accel India,  Bertelsmann, and CGV Investments, during FY24. According to Fintrackr, this startup has a valuation of  Rs $250 million post-allotment. In a report by ET, Ruoeek was said to raise funds from Ranjan Pai’s  investment office Claypond Capital and Axis Bank at a valuation of $200 to $250 million. Rupeek is an  asset-backed online gold loan company that claims to offer the lowest interest rates in the market to  its customers. The startup is bringing digital financial products to millions of Indians by challenging  decades of status quo in financial services. 

This Bengaluru-based startup aims to revolutionize the gold loan market by offering rapid processing  times. The startup boasts itsfast management of the entire loan disbursement process, which is within  30 minutes. Ruppek is competing with known entities like Oro Money, Ruptok, Yellow Metal, and more.  The largest external shareholder of Ruoeek is PeakXV followed by Bertelsmann and Accel with the  newest investor 360 One Large Value Fund, now holding 2.22% of the company’s stake.

Rupeek’s CEO,  Sumit Maniyar mentioned that they focus on a forward-looking approach rather than dwelling on the  loss in the past. This positive approach has allowed Rupeek to secure new investments and maintain its credibility among investors, amid difficult times. The company continues to look for innovation and  expansion in the gold loan industry, highlighting its commitment to expand and advance in the market. 

The board at startup has passed a board resolution to issue 1,307 convertible preference shares at an  issue price of Rs 3,82492 each to raise Rs 50 crore. Founded by IIT Alumnus Sumit Maniyar & backed  by investment partners including Bertelsmann, Sequoia Capital, GGV, and Accel Partners. The startup  helps to offer equal access to credit for every Indian. The startup earns a majority of its revenue from  the sale of services, which it recognizes as commission income and income from the lending business.

Conclusion:  

Rupeek, an online gold loan platform has raised Rs 50 crore from 360 One large value fund. This  Bengaluru-based startup had a post-allotment valuation of 250 million. This latest funding round adds  to the Rs 43 crore raised from existing investors, including Peak XV, Accel India, Bertelsmann, and CGV  Investments during FY24. The largest external shareholder is Peak XV, followed by Bertelsmann and  Accel, with 360 One Large Value Fund now holding a 2.22% stake. CEO Sumit Maniyar emphasizes a  forward-looking approach, maintaining investor confidence and securing new investments despite  past valuation challenges.