The fresh capital will be utilized to bolster its business growth by diversifying its loan book and integrating breakthrough technology into its financial products and services.
Ruptok Fintech Pvt. Ltd., a fintech platform for gold loans, has raised 16 Cr worth of capital in its pre-series A funding round from existing and new investors including Manuvel Malabar Jewellers, industry veterans and HNIs, Mr. Nivedan Sahay and Mr. Neeraj Aggarwala. The fresh capital will be utilized to bolster its business growth by diversifying its loan book and integrating breakthrough technology into its financial products and services.
Within a short span, Ruptok Fintech has witnessed an exponential growth trajectory. In the past year, the company has successfully disbursed over INR 60 Cr to 1600+ customers. Currently, Ruptok is banking correspondent to CSB Bank and Fincare Small Finance Bank. In a recent move, Ruptok had also expanded its operations to 8 prominent cities including Delhi NCR, Mumbai, Jaipur, Vadodra, Surat, Pune, Nashik, and Hyderabad, and intends to be present in 27 cities by FY22.
Talking about the funding, Ankur Gupta, Founder and CEO, Ruptok Fintech Pvt. Ltd., 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. The raised funds will be utilized 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.”
Commenting on the same, Mr. Manuvel Mezhukanal, Chairman of Manuvel Malabar Jewellers, said “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. 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 endeavor to achieve its objectives.”
Further expressed by Mrs. Akshita Gupta, Founder, ABL Workspaces that the Indian Fintech business has seen enormous development in recent years, particularly during the pandemic. The global crisis has resulted in a fundamental shift in consumer behavior, with most services now available at their doorstep. Currently, the industry is drawing a variety of fresh ideas and unique solutions to fulfill the primary needs of customers while ensuring maximum ease. We’d want to accompany Ruptok on his path to success.
In August 2021, Ruptok had also raised capital from Eclear Leasing and Finance, a New Delhi based NBFC for entering into a strategic co-lending agreement with the company. The company has also received angel investment from Wurk, a Canada based Investment Firm. It had acquired GoldUno, a Mumbai-based firm, from Vinrak Technologies Private Limited in an all-stock deal. With the fresh investment, Ruptok will further deepen its roots in the market to become a leading player in gold loans.
Source: Business World