Rupeek's Gold Loan Platform Shines Bright with INR 125 Crore Boost

In a significant development for the online gold loan platform Rupeek, the company has successfully secured a substantial INR 125 crore (equivalent to approximately USD 15 million) in primary funding from Elevation Capital. This latest fundraising round represents the second phase of Rupeek's recent efforts to bolster its financial standing, following a notable USD 6 million investment by 360 One Large Fund back in May. The company's Board has taken a decisive step by passing a special resolution to issue a total of 5,801 compulsory convertible preference shares at a price of INR 2,15,467 per share, with the ultimate goal of raising a substantial sum of INR 250 crore. It is worth noting that Elevation Capital and 360 One Large Fund have already contributed a combined total of INR 175 crore (equivalent to USD 21 million) towards Rupeek's funding endeavors, leaving an additional INR 75 crore (approximately USD 9 million) to be anticipated from Claypond Capital, an investment office overseen by Ranjan Pai. Furthermore, it has been revealed that Sumit Maniyar, the visionary founder of Rupeek, along with key employees and the company's early supporter Bertelsmann, are contemplating the sale of shares valued at USD 8-10 million to Claypond Capital. Despite facing certain challenges in terms of scaling its operations, Rupeek continues to attract significant investments and support from prominent industry players, thereby solidifying its position as a leading player in the competitive online gold loan market.