PE Fund Investments
Gold loans startup Rupeek attracts $24-M from Elevation Capital, Claypond Capital
Bengaluru-based gold loan provider Rupeek has raised INR 125 crore (around USD 15 million) in primary funding from Elevation Capital. The company is to issue 5,801 CCPS (compulsorily convertible preference shares) at an issue price of INR 2,15,467 each to Elevation. Claypond Capital (promoted by MEMG’s Ranjan Pai) will invest INR 75 crore (USD 9 million) in the company via a secondary purchase of shares from existing investors and employees.In May 2024, 360 One (formerly IIFL Wealth Management) had invested USD 6 million in the company.Founded in 2015 by Sumit Maniyar and Ashwin Soni, Rupeek offers custom gold loans as well as other standard lending products, with gold as collateral. It claims to be present in more than 40 cities across the country and have a customer base of more than 5 Lakh.
Between Jan 2017 and July 2022, Rupeek had raised over USD 183 M from Z Nation Lab, Qi Ventures, VEF, Bertelsmann India Investments, Kae Capital, HighSage Ventures, GGV Capital, Lightbox, Vostok Emerging Finance, Tanglin Venture Partners, Accel India and Peak XV Partners.
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