, a fintech platform for gold lending, has raised Rs 16 crore capital value in its pre-series A round of financing from existing and new investors, including Malabar Manuel Jeweler, and industry veterans and HNIs Nivedan Sahay and Neeraj Aggarwala.
The new capital will be used to support the growth of his business by diversifying its loan portfolio and integrating cutting-edge technology into its financial products and services.
In the past year, the company claims to have paid over Rs 60 crore to over 1,600 customers.
Currently, Ruptok is the banking correspondent of CSB Bank and Fincare Small Finance Bank. Recently, Ruptok also expanded its operations to eight cities, including Delhi-NCR, Mumbai, Jaipur, Vadodara, Surat, Pune, Nashik and Hyderabad. It intends to be present in 27 cities by FY22.
Ankur Gupta, Founder and CEO, Ruptok Fintech Pvt Ltd, noted,
“We are delighted to announce the latest capital injection. The gold lending industry has gone through huge changes in recent years. As the need for instant loans to industry and individuals continues to increase, we aim to strengthen our efforts to provide our clients with fast, technology-driven loan disbursements. The funds raised will be used to accelerate our efforts to deliver faster, technology-driven gold lending to the customer’s doorstep. We thank our investors for showing unprecedented faith in our vision.
Manuvel Mezhukanal, chairman of Manuvel Malabar Jewelers, said the gold lending industry has grown significantly over the past year.
“The lending industry is booming right now, due to the growing demand for short term and instant loans. With its intense expansion plans, Ruptok intends to become India’s leading platform for gold lending. We are delighted to be part of Ruptok striving to achieve its goals, ”said Manuvel.
Akshita Gupta, founder of ABL Workspaces, said India’s fintech business has grown tremendously in recent years, especially during the pandemic.
“The global crisis has brought about a fundamental shift in consumer behavior, with most services now available on their doorstep. Currently, the industry is drawing on a variety of new ideas and unique solutions to meet the primary needs of customers while ensuring maximum ease. We would like to accompany Ruptok on the road to success.
In August 2021, Ruptok raised capital from Eclear Leasing and Finance, a New Delhi-based NBFC for entering into a strategic co-loan agreement with the company. The company has also received angel investments from Würk, an investment company based in Canada. he had acquired, a Mumbai-based company of Vinrak Technologies Private Limited in an all-equity transaction.
With this new investment, Ruptok will further deepen its roots in the market to become a leading player in gold lending.