Rupeek Secures INR 125 Crore from Elevation Capital to Boost Gold Loan Platform Following a USD 6 million investment by 360 One Large Fund in May, this fundraising represents the second phase of Rupeek's most recent round.
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Online platform for gold loans Rupeek has received INR 125 crore (around USD 15 million) in primary funding from Elevation Capital.
Entrackr reports that 360 One Large Fund contributed USD 6 million in the first tranche of the fresh round in May. This is the second tranche.
The report, which cited records from the Registrar of Companies, stated that Rupeek's Board had passed a special resolution to issue 5,801 compulsory convertible preference shares at INR 2,15,467 per share with the goal of raising INR 125 crore.
It is anticipated that the Bengaluru-based company will finish this round at about INR 250 crore. Elevation Capital and 360 One Large Fund have contributed a total of INR 175 crore (USD 21 million) to Rupeek's funding to date. The remaining INR 75 crore (USD 9 million) is expected to come from Ranjan Pai's investment office, Claypond Capital, the report said, citing sources.
Sumit Maniyar, along with employees and Rupeek's early backer, Bertelsmann, may sell around USD 8–10 million worth of shares to Claypond Capital.
Founded in 2015 by IIT Alumnus Sumit Maniyar, Rupeek is backed by Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital, and Lightbox and has raised USD 34 million in a funding round led by Lightbox.
