Rupeek Fintech Pvt. Ltd, a financial technology company that operates an online marketplace for gold loans, has raised $30 million (Rs 213.86 crore at current exchange rates) in a funding round led by Bertelsmann India Investments, the strategic investment arm of Germany’s Bertelsmann SE & Co. KGaA.
Existing investors Accel and Sequoia Capital India also participated in the round, according to a statement by the company.
Rupeek said it would use the fresh capital for product development and expanding its market presence.
Company founder and chief executive officer Sumit Maniyar said Rupeek wanted to bring transparency in lending as well as protect investor interest.
Separately, Bertelsmann India Investments managing director Pankaj Makkar said the firm was confident in its investment because of the company’s technology and supply chain process.
VCCircle has reached out to Rupeek regarding the investment and will update this report accordingly.
In February 2018, the Bengaluru-based startup said it had raised $6.83 million (around Rs 44 crore then) in a funding round led by Accel. The venture capital firm put in $5 million, with Sequoia investing the remaining.
In January 2017, Sequoia had invested $2 million in Rupeek. Between 2015 and 2016, the startup raised $346,000 from a clutch of investors including former Snapdeal chief product officer Anand Chandrasekaran, People Group founder Anupam Mittal , Freecharge founder Kunal Shah and former Flipkart chief technology officer Ravi Garikipati.
Rupeek was founded by Maniyar and Ashwin Soni in 2015. According to its website, the company offers loans and personalised services such as on-demand pickup and return of valuables.
Launched in 2012, Bertelsmann India says it focusses on investments during the Series B and C stages in companies in the digital, education, media and services sectors. Firms in its portfolio include Lendingkart, Saavn and AgroStar.
Fintech funding deals
There has been steady investor interest in the fintech segment, as companies seek to address the growing need for the last-mile delivery of financial services as well as provide value-added services to consumers across all socio-economic segments.
On Monday, Aye Finance Pvt. Ltd. said it had raised debt worth $10 million led by Zurich-based responsAbility Investments AG.
Last month, Gurugram-based fintech startup Indifi Technologies Pvt. Ltd raised $21 million in a fresh round of funding led by the UK government-owned development finance institution CDC Group Plc.