ⓘ Featured image details: A file-photo of ex-Flipkart CEO Binny Bansal
The Bengaluru-based online gold loan provider Rupeek the present week raised $60 million across two funding rounds. The company on Tuesday said that Flipkart co-founder Binny Bansal, GGV Capital led the rounds, with participation from Tanglin Venture Partners, and KB Investments. Existing investors Sequoia and Accel also participated in the rounds.
Sumit Maniyar, CEO of Rupeek told Mint that the fresh funds will be deployed to improve its technology to help Rupeek onboard customers, create a data layer, and ascertain credit scores for the customers better.
The company in a statement said that Binny Bansal has invested in his personal capacity and not from any funds owned by his company.
Hans Tung, the managing partner at Silicon Valley’s GGV Capital in a statement said…
“For India’s middle-class households, gold has long been a favourite way to save and invest. Rather than letting it sit idle, Rupeek has turned a family’s dormant asset into an easy way to get a loan at affordable rates to grow their small businesses or pay for emergency needs,”
Binny Bansal who has invested in a number of startups including Acko, SigTuple, InShorts, and GreyOrange said…
“I am really excited about how Rupeek is opening up access to formal credit for a large base of users. Their strong customer proposition and approach of partnering with banks is truly a game-changer for the unorganized gold loans space in India,”
Rupeek – in numbers
According to a statement by Rupeek on Tuesday, the company offers gold loans at an interest of 0.89 percent per month, processes loans worth $28 million every month, and completes the loan underwriting-to-disbursal under 30 minutes.