Sequoia-Backed Rupeek In Talks With Existing Investors To Raise $50 Million

Gold finance start-up Rupeek seeks to raise more capital in an extended Series E round. It is in talks with existing investors, including Lightbox, Accel, Sequoia, Bertelsmann, Vostok Emerging Finance, GGV Capital, HighSage Ventures, Kae Capital and 9Unicorns, to infuse an additional $50 million into the company.  

Entrackr reported that this new investment round would likely be funded by internal investors at a flat valuation of around $634 million. The Bengaluru-based start-up has raised $34 million this January in a funding round led by Lightbox, bringing its total investment to $140 million to date. 

Rupeek was founded in 2015 by Sumit Maniyar and Ashwin Soni, offering loans against gold jewellery and family heirlooms. The start-up claims to be in over 40 Indian cities with over 5 lakh in its customer base. Attempting to monetise the idle gold assets in the country, the company offers instant, MSME and Mudra loans.  

Backed by Binny Bansal's BTB Ventures since its early stage, the fintech was in the news earlier this year for laying off around 200 people. The company claimed this comprised around 15 per cent of its 1200-strong workforce.