VC Fund Investments
Gold loan player Rupeek raises Rs.50-Cr from 360 One at 60% cut in valuation
Bengaluru-based online gold loan platform Rupeek has raised INR 50 crore from new investor 360 One (via 360 One Large Value Fund). 360 One (formerly IIFL Wealth Management) will hold a 2.44%, post-allotment.The company will issue 1,307 compulsory convertible preference shares (CCPS) at INR 3,82,492 each to raise INR 50 crore.The post money valuation of around INR 2,050 crore (USD 250 million) represents a steep cut from Rupeek’s valuation of USD 634 million in January 2022.Rupeek provides gold loan services and claims to streamline the entire processing from underwriting to disbursal in 30 minutes. The Binny Bansal-backed company has raised around USD 150 million to date. PeakXV is the largest external stakeholder followed by Accel and Bertelsmann.
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