Ruptok Fintech Private Limited Raises INR 10 Cr In Angel Funding Round Led By Wurk
The company plans to utilize the fund to start operations in Jaipur and Mumbai by March 2021 and aims to expand the business in up to 22 cities by FY23
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New Delhi-based fintech platform for gold loans Ruptok Fintech Private Limited has announced on Monday to have raised INR 10 crore in an angel funding round led by a Canada-based investment firm Wurk.
The startup has been said to be working towards offering logistics and technological solutions for gold loans to financial institutes at their doorstep in Delhi NCR.
The capital infused will be utilized to fuel up the business and operations in Jaipur and Mumbai by March 2021. Along with this, the funds will be used to acquire the talent to strengthen the team size.
"During the pandemic, we have witnessed several people facing a liquidity crunch and selling their assets to accomplish their financial needs. Our idea behind launching Ruptok last year was to offer easy financing options to the customers at the comfort of their doorstep. We profoundly welcome and express our gratitude to Wurk who not only invested their capital in our idea but are also empowering us with their trust. This capital will help us to fuel up our business expansion plans to new cities. We are committed to provide gold loans accessible and hassle-free not only for financial institutions but for small and large businesses alike," stated Ankur Gupta, founder, and chief executive officer, Ruptok Fintech Pvt. Ltd.
Founded in July 2020, the company endeavors to provide instant loans against gold jewelry of 18 carat and above, within 30 minutes.
The company leverages the low-cost operational model and credit evaluation tools to offer loans at a competitive pricing with a minimum jumping interest rate of 0.85 per cent. In less than a year, the company has already achieved assets under management (AUM) of approximately INR15 crore and is expected to grow it to INR 50 crore by the end of this FY21, the statement said.
"Indian fintech market has witnessed a tremendous growth trajectory in past few years, especially during the pandemic. The global crisis has brought a fundamental shift in consumer behavior and preferring most of the services at their doorstep. At present, the market is attracting a pool of innovative ideas and distinctive solutions to address the core solutions of the consumers by providing the utmost convenience. We believe Ruptok has kick-started the operations at the perfect timing to address the financial challenges of the customers with their close to the door and instant services. We would like to join Ruptok in their journey to success," added Barbara Holding, spokesperson, Wurk.
The customers can apply, renew and repay interest or principal of loans using the company's app from the comfort of their homes. The customers need to complete the verification and security process by submitting KYC documents like Aadhaar Card, PAN Card, Passport, and Driving License among others.
The company plans to expand operations in up to 22 cities in India by FY23. To start with, Ruptok will first step up its operations into two new markets Jaipur and Mumbai by March 2021.