Fintech platform Rupeek secures $15 million in Primary Funding from Elevation Capital
Rupeek, an online platform for gold loans, has successfully raised Rs.125 crore which is approximately $15 million in primary funding from Elevation Capital. This funding round marks the second tranche, following the initial investment of $6 million by 360 One Large Fund in May.
The regulatory filing accessed from the Registrar of Companies (RoC) reveals that Rupeek's board has approved a unique resolution to offer 5,801 mandatory convertible preference shares at a price of Rs. 2,15,467 per share in order to raise Rs.125 crore.
According to insiders familiar with the funding details, the Bengaluru-based company seems to be finalizing this funding round at approximately Rs.250 crore. Previously, Rupeek had successfully secured Rs. 175 crore ($21 million) from Elevation and 360 One Large Fund. The remaining Rs.75 crore ($9 million) is expected to be contributed by Claypond Capital, the investment office of Ranjan Pai, as per sources.
"Sumit Maniyar along with employees and Rupeek’s early backer Bertelsmann may dilute around $8-10 million worth shares to Claypond Capital,” said one of the sources requesting anonymity.
The company supported by Binny Bansal has accumulated approximately $165 million up until now. According to TheKredible, a startup data intelligence platform, PeakXV held the largest external stake, followed by Accel and Bertelsmann in the most recent funding round. Prior to this round, 360 One Large Value Fund held a 2.44% stake in the company.
Rupeek, a company that offers gold loans, has encountered challenges in expanding its operations and experienced a 60% decrease in its overall value. While the company reached its peak valuation of $634 million in January 2022, it has since plummeted to $250 million in the current funding round.
Rupeek's,/b> valuation took a significant hit due to its declining scale. In FY23, the company's revenue from operations plummeted by 27.6% to Rs 89 crore, while it incurred losses amounting to Rs.281 crore during the same period. It is worth noting that the company has not yet filed its annual statements for FY24.
The company led by Sumit Maniyar is in direct competition with Oro Money, Ruptok, Yellow Metal, and to a certain degree, PayU-backed Indiagold.
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The regulatory filing accessed from the Registrar of Companies (RoC) reveals that Rupeek's board has approved a unique resolution to offer 5,801 mandatory convertible preference shares at a price of Rs. 2,15,467 per share in order to raise Rs.125 crore.
According to insiders familiar with the funding details, the Bengaluru-based company seems to be finalizing this funding round at approximately Rs.250 crore. Previously, Rupeek had successfully secured Rs. 175 crore ($21 million) from Elevation and 360 One Large Fund. The remaining Rs.75 crore ($9 million) is expected to be contributed by Claypond Capital, the investment office of Ranjan Pai, as per sources.
"Sumit Maniyar along with employees and Rupeek’s early backer Bertelsmann may dilute around $8-10 million worth shares to Claypond Capital,” said one of the sources requesting anonymity.
The company supported by Binny Bansal has accumulated approximately $165 million up until now. According to TheKredible, a startup data intelligence platform, PeakXV held the largest external stake, followed by Accel and Bertelsmann in the most recent funding round. Prior to this round, 360 One Large Value Fund held a 2.44% stake in the company.
Rupeek, a company that offers gold loans, has encountered challenges in expanding its operations and experienced a 60% decrease in its overall value. While the company reached its peak valuation of $634 million in January 2022, it has since plummeted to $250 million in the current funding round.
Rupeek's,/b> valuation took a significant hit due to its declining scale. In FY23, the company's revenue from operations plummeted by 27.6% to Rs 89 crore, while it incurred losses amounting to Rs.281 crore during the same period. It is worth noting that the company has not yet filed its annual statements for FY24.
The company led by Sumit Maniyar is in direct competition with Oro Money, Ruptok, Yellow Metal, and to a certain degree, PayU-backed Indiagold.
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