Ruptok, a fintech platform for gold loans, has raised Rs 16 crore from existing and new investors, including Manuvel Malabar Jewellers and industry veterans and HNIs Nivedan Sahay and Neeraj Aggarwala, in its pre-Series A fundraising round.
According to the firm, over Rs 60 crore has been distributed to over 1,600 clients.
Ruptok is a banking correspondent for CSB Bank and Fincare Small Finance Bank at the moment. Ruptok’s operations have recently expanded to eight cities: Delhi-NCR, Mumbai, Jaipur, Vadodara, Surat, Pune, Nashik, and Hyderabad. By FY22, it plans to have a presence in 27 cities.
Ankur Gupta, Founder and CEO, Ruptok Fintech Pvt Ltd, said, “We 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. The raised funds will be used to accelerate our endeavour of providing faster, technologically driven gold loans at the doorstep of the customer. We thank our investors for showing unparalleled faith in our vision.”
Manuvel Mezhukanal, Chairman of Manuvel Malabar Jewellers said the gold loan sector has expanded dramatically in the last year. “The lending sector is booming right now, owing to the growing demand for short-term and instant loans. With its intense plans to expand, Ruptok intends to become India’s leading platform for gold loans. We’re thrilled to be a part of Ruptok’s endeavour to achieve its objectives,” Manuvel said.