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The Silicon Review Asia

$30 Million Raised by Rupeek from Bertelsmann, Sequoia Capital and Accel

$30 Million Raised by Rupeek from Bertelsmann, Sequoia Capital and Accel

Rupeek, the Bangalore based company has raised around $30 million in funding. This round was led by an investment firm called Bertelsmann India. Rupeek operates in the online marketplace for gold loans and with existing investors like Accel and Sequoia Capital India, the company is said to go the next level since these two firms have already taken part in the funding round.

On Monday the firm did confirm that it will be using these new funds for two purposes, which are market expansion and product development. Sumit Maniyar who is the CEO and the founder of Rupeek did say that the firm is aiming to bring transparency in the lending space. It will also protect retail investors' interest no matter what happens. This will also lead to proprietary tech hardware standardization, more scalability option, fairness and increase gold purity. This new investment will also allow the firm to step into other markets and expand at a rapid pace.

The firm is growth 20 percent month to month and $150 million is said to be its annual run rate. With a gold loan disbursal that reached up to $90 billion last year makes the firm a strong one in its vertical. This means we might see some amazing things happening.

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