Existing investors Accel and Sequoia India also participated in the financing round, which will be completed in two tranches. The startup will use the funding for product development and market expansion, it said in a statement.
“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.
Launched in 2015, Rupeek claims it is currently disbursing gold loans at an annual run rate of more than $150 million and is growing 20 per cent month-on-month.
The startup had reportedly raised $6.83 million (Rs 44 crore) in a funding round led by Accel Partners in February last year.