Ruptok Fintech Pvt. Ltd., a fintech platform, has strengthened its market position in the goldtech industry by distributing more 100 crore loan against gold in last 18 months.
The startup intends to acquire 1000 crore in annual disbursement in the next financial year. The company in its statement said that the company aims to increase its presence in India and expand its workforce.
Ruptok Fintech has gained significant market share in the goldtech industry in a short span of time. Since its inception in July 2020, the startup has facilitated over 2500 loans. Rooptok Fintech recently offers door-to-door gold loans in ten cities- Delhi NCR, Mumbai, Jaipur, Vadodara, Surat, Pune, Nashik, Hyderabad and Bangalore and Vapi. The startup has registered a growth of 20% month-on-month and is currently disbursing loans at an annual rate of 250 crore, it said.
Ankur Gupta, Founder and CEO, Ruptok Fintech Pvt. Ltd. said, “Gold tech industry is entering rapidly, which has led to significant demand for loans vis–vis gold. In order to expand our business operations into new areas, we have also forged significant partnerships. Two of them are with Xiaomi and TVS Credit to offer gold loans to our customers. This strategic approach accelerated the exponential growth of the brand Digital paperwork and doorstep delivery of instant loans with utmost security has won the trust of our customers in our Rooptok. We have aggressive plans to venture into new cities and forge new strategic partnerships.”
In 2021, Rooptok raised capital in several rounds, including angel funding from Canada-based investment firm Wurk. The pre-series includes a funding round from existing and new investors, including Manuvel Malabar Jewelers, industry veterans, and HNIs, Nivaran Sahay and Neeraj Agarwal, and has a debt funding value of Rs. 15 crore from Equilar Leasing & Finance.
Ruptok Fintech has a strategic tie-up with Clear Leasing & Finance Pvt Ltd. Ltd. and MAG Finserve Company Ltd. for co-lending business. Through this partnership, the company intends to offer a seamless experience for gold borrowers at competitive interest rates and a high loan for value.
The startup is also backed by ABL Workspace Pvt Ltd, a premium co-working space. Recording tremendous growth in 2021, Ruptok acquired GoldUno, a Mumbai-based firm from Winrak Technologies Pvt Ltd in an all-stock deal and partnered with Xiaomi.
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