- Stock Markets on Monday: FII selling, US market corrections remain a pain point for domestic equities; Anil Singhvi gives trigge
- COVID-19: India recorded 3,33,533 new coronavirus cases, active cases increase to 21,87,205
- Netaji Subhas Chandra Bose Jayanti: President, Prime Minister pay tribute to the national hero, Bose's hologram statue at India
- FabIndia plans to raise up to Rs 4,000 crore through IPO - Top 10 things investors must know
- Mutual Fund in 2021: Equity outperforms Fixed Deposit, gold loses sheen while debt schemes least favoured by millennials
Online gold loan brand Rupeek raises $60 mn from Binny Bansal, GGV Capital and others
Online gold loan brand Rupeek said it has raised USD 60 million (about Rs 430 crore) from GGV Capital, Binny Bansal and others.
Online gold loan brand Rupeek on Tuesday said it has raised USD 60 million (about Rs 430 crore) from GGV Capital, Binny Bansal and others.
The amount - raised in two separate rounds - saw participation from Bertelsmann India Investments, KB Investments Co (KBIC), Tanglin Venture Partners, Sequoia India and Accel Partners as well, a statement said.
See Zee Business live streaming below:
Founded in 2015, Rupeek is currently disbursing gold loans at an annual run rate of more than USD 200 million, it added.
"Our plan is to scale existing and newer channels for gold monetisation. We will use the fresh funds to invest in technology, customer acquisition and work towards improving the accessibility of credit in the country," Rupeek Fintech Chief Executive Officer Sumit Maniyar said.
Hans Tung, Managing Partner at GGV Capital will join Rupeek''s board of directors.
Rupeek has a presence in 10 cities including Bengaluru, Mumbai, New Delhi, Jaipur, Chennai, Ahmedabad, Surat, Mumbai, Coimbatore and Pune.
Its goal is to increase its customer base from 1 lakh to 1 million and provide accessibility of credit to a billion Indians by 2022 across 100 cities through its asset-based offerings, the statement said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.