Rupeek, an online gold loan platform, has raised Rs 50 crore from wealth and alternate-focused asset firm 360 One Large Value Fund as per a report by Entrackr. The company’s valuation has decreased by 60 per cent, as per the report.
According to Rupeek's regulatory filing, the board has approved a resolution to issue 1,307 compulsory convertible preference shares at an issue price of Rs 3,82,492 a piece in order to raise Rs 50 crore.
The funding will be used by the company for expansion, growth, and general corporate activities. Fintrackr estimates that the company's post-allotment valuation is around Rs 2,050 crore, or $250 million. As per the report, in comparison to Rupeek's highest valuation of $634 million in January 2022, the company raised fresh capital at a 60 per cent valuation haircut.
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There had been talks between Manipal Group chairman Ranjan Pai’s investment office, Claypond Capital, and Axis Bank to invest in Rupeek, as per the Economic Times report. In March of this year, Rupeek raised Rs 50 crore from 360 One Asset.
Until now, the company has raised around $150 million. PeakXV, Accel, and Bertelsmann are the next largest external stakeholders, according to startup data intelligence platform TheKredible. 360 One Large Value Fund, a new investor, now owns 2.44 per cent of it (post-allotment).
Talks about the company’s downturn have been going on for a while. In March 2024, a report by the Economic Times said that the company might see a valuation cut. The report said that the company was last valued at around $600 million and might see a cut of around 50 to 60 per cent. Investors are becoming wary due to regulatory changes, and the segment's slowed growth is leading to reduced valuation, as per the report.
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Rupeek is an asset-based online gold loan company that claims to offer gold loans in thirty minutes. The company has a four-step gold loan process, and it claims to provide low-interest online gold loans.
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