Ruptok Fintech Pvt. Ltd.(Ruptok), a fintech platform for gold loans has raised Rs 16 crore (around $2.14 million) in Pre-Series A funding round from existing and new investors including Manuvel Malabar Jewellers, industry veterans and high net individuals including Nivedan Sahay and Neeraj Aggarwala, the company said in a statement.
The fresh capital will be utilised to bolster its business growth by diversifying its loan book and integrating technology into its financial products and services, the Delhi-headquartered firm said.
“We at Ruptok are delighted to announce the latest capital infusion. The gold loan industry has seen tremendous changes in recent years. As the need for short-term industry and retail loans continues to rise, we aim to strengthen our efforts of providing customers with technologically driven quick loan disbursals,” said Ankur Gupta, Founder and CEO, Ruptok Fintech Pvt. Ltd.
Founded in July 2020 by serial entrepreneur Gupta (CEO), Akshita Gupta (HR head) and Yashwardhan Aeren (head of product development), Ruptok provides instant disbursal of loans against gold jewellery.
Since then, Ruptok has disbursed over Rs 60 crore to over 1600 customers.
Currently, the platform also serves as banking correspondent to CSB Bank and Fincare Small Finance Bank.
“In the last year, the gold loan sector has expanded dramatically. The lending sector is booming right now, owing to the growing demand for short-term and instant loans. We're thrilled to be a part of Ruptok's endeavor to achieve its objectives,” said Manuvel Mezhukanal, chairman of Manuvel Malabar Jewellers.
Ruptok had also expanded its operations to eight prominent cities including Delhi and national capital region (NCR), Mumbai, Jaipur, Vadodara, Surat and Pune, among others.
The company now intends to be present in 27 cities by the end of financial year 2021- 2022.
Recently in August this year, Ruptok had raised debt capital and entered into a strategic co-lending agreement with Eclear Leasing and Finance, a New Delhi based non-banking finance company (NBFC).
In January this year, the company has also received angel investment from Canada-based investment firm Wurk. Earlier in April this year, Ruptok Fintech had also acquired Mumbai-based gold loan platform, GoldUno in an all-stock deal.