Rupeek, the Bengaluru-based online gold loan platform, has successfully secured Rs 125 crore (approximately $15 million) in primary funding from Elevation Capital. This latest investment marks the second tranche of a new funding round, following a $6 million investment from 360 One Large Fund in May.
The board at Rupeek authorized the issuance of 5,801 compulsory convertible preference shares at an issue price of Rs 2,15,467 each, raising a total of Rs 125 crore. This information comes from a regulatory filing accessed through the Registrar of Companies (RoC).
With this round, Rupeek is expected to close at around Rs 250 crore, according to sources familiar with the deal. So far, Rupeek has raised Rs 175 crore ($21 million) from Elevation Capital and 360 One Large Fund. The remaining Rs 75 crore ($9 million) is likely to come from Ranjan Pai’s investment office, Claypond Capital.
Sources indicate that Sumit Maniyar, along with Rupeek’s employees and early backer Bertelsmann, may dilute around $8-10 million worth of shares to Claypond Capital.
Rupeek, backed by Binny Bansal, has raised approximately $165 million to date. Peak XV is the largest external stakeholder, followed by Accel and Bertelsmann. Prior to this tranche, 360 One Large Value Fund held a 2.44% stake in the firm.
The company, led by Sumit Maniyar, directly competes with other players in the online gold loan market such as Oro Money, Ruptok, Yellow Metal, and to some extent, PayU-backed Indiagold. This latest round of funding signifies a significant step forward for Rupeek as it continues to expand its footprint in the financial services sector.
