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Rupeek raises USD 30 mn in funding led by Bertelsmann India Investments

Fintech company Rupeek on Monday said it has raised USD 30 million (about Rs 213.9 crore) in funding led by Bertelsmann India Investments.

The round also saw participation from existing investors Accel and Sequoia India, Rupeek said in a statement.

"This funding, which will be completed in two tranches will be used towards product development and market expansion," it added.

Bengaluru-based Rupeek is currently disbursing gold loans at an annual run rate of more than USD 150 million and is growing at 20 per cent month-on-month, it said.

The organised gold loan disbursal in India is estimated at about USD 90 billion per annum.

"As a brand, we would like to bring transparency in the lending space and protect retail investor interest at all costs. We will be using our proprietary tech hardware to ensure standardization, fairness, and scalability in gold purity assessment. The investment will also help us rapidly scale across new markets," Rupeek founder and CEO Sumit Maniyar said.