Ruptok Fintech Pvt Ltd, a platform for gold loans, on Monday said it has raised angel funding of Rs 10 crore ($1.4 million) from Canadian investment firm Wurk.
The startup will use the funds to grow its business and operations in Jaipur and Mumbai by March this year, said Ruptok in a statement. Part of the capital will also be used for hiring, it added.
Ruptok was founded in July 2020 by serial entrepreneur Ankur Gupta (CEO), Akshita Gupta (HR head) and Yashwardhan Aeren (head of product development). The startup, which offers instant loans against gold jewellery, has been offering services in Delhi-NCR.
The company claims it already has assets under management (AUM) of around Rs 15 crore. The AUM is expected to increase to Rs 50 crore by the end of March this year.
Barbara Holding, a spokesperson from Wurk, said that the Indian fintech market has witnessed a tremendous growth trajectory in the past few years, especially during the pandemic.
"We believe Ruptok has kick-started operations at the perfect time to address the financial challenges of customers," added Holding.
The fintech segment, particularly digital payments and lending, has become stronger than ever after the coronavirus outbreak as online transactions surged, top executives said at a VCCircle virtual event last year.
Last year in February, Rupeek Fintech Pvt. Ltd, focused on gold loans, raised $60 million (about Rs 431 crore).
Rupeek is reportedly in talks with Yuri Milner, the billionaire chief of global technology fund DST Global, for the next round of fundraise.