Goldtech startup Ruptok Fintech raises Rs 16 crore in funding led by Manuvel Malabar Jewellers, others

Ruptok Fintech Pvt Ltd, which owns and operates Ruptok, a gold lending fintech platform, today announced it has raised Rs 16 crore in pre-Series A funding round led by Manuvel Malabar Jewellers and industry veterans and HNIs Nivedan Sahay and Neeraj Aggarwala.

According to a statement, Ruptok Fintech will utilize the raised capital to expand its business by diversifying its loan portfolio and incorporating cutting-edge technology into its financial products and service.

Founded in 2020 by Ankur Gupta, Niranjan Ayyar, and Yashwardhan Aeren, The New Delhi-based fintech startup acts as a banking correspondent for CSB Bank and Fincare Small Finance Bank. Ruptok recently expanded its operations to eight cities: Delhi-NCR, Mumbai, Jaipur, Vadodara, Surat, Pune, Nashik, and Hyderabad. By FY22, it plans to be present in 27 cities.

"We are pleased to announce the most recent capital infusion." In recent years, the gold loan industry has undergone significant transformations. As the demand for short-term industry and retail loans grows, we intend to step up our efforts to provide customers with technologically driven quick loan disbursals," Ankur Gupta, Founder & CEO of Ruptok Fintech Pvt Ltd, said.

"Because of the increased demand for short-term and instant loans, the lending industry is currently thriving. Ruptok intends to become India's leading platform for gold loans, with aggressive expansion plans. We are thrilled to be a part of Ruptok's efforts to achieve its goals "Manuvel stated this.

According to Akshita Gupta, Founder of ABL Workspaces, the Indian fintech industry has grown tremendously in recent years, particularly during the pandemic.

Ruptok raised capital from Eclear Leasing and Finance, a New Delhi-based NBFC, in August 2021 in order to enter into a strategic co-lending agreement with the company. Wurk, a Canadian investment firm, has also made an angel investment in the company. In an all-stock transaction, it acquired GoldUno, a Mumbai-based company, from Vinrak Technologies Private Limited.

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