Binny Bansal, GGV Capital lead $60 million funding in Rupeek, says report

Rupeek Fintech Pvt. Ltd, which operates an online marketplace for gold loans, has raised $60 million across two rounds, according to a Mint report. The new investors include Flipkart co-founder Binny Bansal and GGV Capital, a backer of China’s Alibaba and Didi Chuxing, besides Tanglin Venture Partners and KB Investments, the report added. Existing investors, Sequoia and Accel also participated in the rounds, it said.

Rupeek offers gold loans at the customer’s doorstep and completes the loan underwriting-to-disbursal process within 30 minutes. By cutting down on expenses with an online-only strategy, Rupeek offers gold loans at an interest of 0.89 percent per month.

It currently processes loans worth $28 million every month, Mint quoted CEO Sumit Maniyar as saying over the phone. “We will use the funds to invest in technology—to integrate more with lenders—where we talk to their core banking solution, and digitise the transaction from end to end with checks and balances."