Rupeek raises $60 million from Binny Bansal, others

Online gold loan brand Rupeek on Tuesday said it has raised USD 60 million (about Rs 430 crore) from GGV Capital, Binny Bansal and others.

The amount - raised in two separate rounds - saw participation from Bertelsmann India Investments, KB Investments Co (KBIC), Tanglin Venture Partners, Sequoia India and Accel Partners as well, a statement said.

Founded in 2015, Rupeek is currently disbursing gold loans at an annual run rate of more than USD 200 million, it added.

“Our plan is to scale existing and newer channels for gold monetisation. We will use the fresh funds to invest in technology, customer acquisition and work towards improving the accessibility of credit in the country,” Rupeek Fintech Chief Executive Officer Sumit Maniyar said.

Hans Tung, Managing Partner at GGV Capital will join Rupeek''s board of directors.

Rupeek has a presence in 10 cities including Bengaluru, Mumbai, New Delhi, Jaipur, Chennai, Ahmedabad, Surat, Mumbai, Coimbatore and Pune.

Its goal is to increase its customer base from 1 lakh to 1 million and provide accessibility of credit to a billion Indians by 2022 across 100 cities through its asset-based offerings, the statement said.