Ruptok Fintech raises ₹16 crore in Pre-Series A funding round

BENGALURU: Ruptok Fintech Pvt. Ltd., a fintech platform for gold loans, has raised ₹16 crore as part of its 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.

According to the company, the fresh capital will be used to bolster business growth by diversifying its loan book and integrating technology into its financial products and services.

“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 last year, Ruptok Fintech has disbursed over ₹60 crore worth of loans to over 1,600 customers. Currently, the platform serves as a 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 Fintech has also expanded its operations to eight prominent cities including Delhi and national capital region (NCR), Mumbai, Jaipur, Vadodara, Surat, Pune.

The company now intends to be present in 27 cities by the end of financial year 2021-22.

In August this year, Ruptok had raised capital and entered into a strategic co-lending agreement with Eclear Leasing and Finance, a New Delhi based non-banking finance company

The company has received angel investment from Canada-based investment firm, Wurk. In April, Ruptok Fintech acquired Mumbai-based gold loan platform, GoldUno in an all-stock deal.