Rupeek Fintech, which operates digital gold lending platform Rupeek has raised $33 million (Rs 238.74 crore) in a growth funding round, dubbed Series E, led by GGV Capital, Vostok Emerging Finance, Highline Investments and Bertelsmann.
According to regulatory filings accessed by TechCircle, the startup allotted a total of 2,860 Series E preference shares at a premium of Rs 8,34,768 each. Of this GGV Capital subscribed to 1,144 shares for Rs 95.49 crore or $13.17 million, Vostok Emerging Finance invested Rs 51.42 crore or $7.1 million for 616 shares, followed by Highline Investments. Existing investor Bertelsmann invested Rs 38.56 crore or $5.31 million and Rs 33.05 crore or $4.5 million for 462 and 369 shares respectively.
Kwidnet Holdings invested Rs 12.57 crore or $1.73 million for 154 shares, while another existing investor Gemini Investments participated in the round, infusing around Rs 7.34 crore or $1.01 million for 88 shares. The development was first reported by Entrackr.
Rupeek didn’t respond to TechCircle’s questions regarding the deal, participating investors or how it plans to deploy the fund.
However, the company spokesperson said, “We are thankful to have investors and partners who continue to believe in our mission.”
“As the pandemic continues, our mission of unlocking credit to millions of Indians has taken on an even more significant meaning. An increasing number of small and mid-size business owners and individuals turned to gold loans for quick and easy access to cash. Intensified credit crunch, increased liquidity needs and accelerated digital adoption, strengthened the growth momentum for Rupeek this year. In fact, we were recently ranked as the fastest growing technology company in India based on our revenue growth over the last three years,” the spokersperson added.
In February this year, the Bengaluru-based startup raised $30 million in a round led by GGV Capital. In August 2019, the startup had raised $30 million from Bertelsmann, Accel Partners and Sequioa India.
Founded in 2015 by Sumit Maniyar and Ashwin Soni, Rupeek’s gold loans marketplace, Rupeek Fintech is a subsidiary of Rupeek Capital.