India has the world’s largest private gold reserves, followed by China and the United States.
Foreign media news , the Indian gold loan platform “Rupeek” recently completed a $ 60 million C round of financing, investors include GGV Capital, Bertelsmann India, Sequoia India, Binny Bansal, KBIC, Tanglin Venture Partners, Accel Partners, etc.
It is reported that this round of financing funds will be used to obtain customer and technology input. After this round of financing, GGV Capital’s managing partner Hans Tung will join the Rupeek board.
Introduced , Rupeek was established in 2015 and is a gold loan platform that provides borrowers with gold Loan solutions. Rupeek hopes to increase the transparency of gold loans and monetize idle gold in India.
Gold pledge loan refers to a loan method in which the borrower uses the standard gold that can be traded and delivered on a gold exchange to obtain credit funds from a bank. According to the analysis data of the entrepreneurial research institution Tracxn, Indian gold loans were mainly dominated by non-bank financial companies such as Muthoot and Manappuram in the past, but in recent years, many fintech companies such as Paytm, PhonePe, Google Pay have also been involved in gold loans. field.
Rupeek claims to provide 30-minute on-site service, but only accepts gold jewelryAs mortgage assets, other forms such as gold coins or gold bars are not accepted. Users fill in application information, including identity, address, bank account, etc. through Rupeek’s website or APP. Once the information is verified, the loan funds will be directly credited to the applicant’s bank account, and Rupeek will seal the mortgaged gold assets and ship them to a secure vault.
Founder Maniyar said that Rupeek has reached cooperation with banks such as Karur Vysya. Currently, the monthly loan disbursement amount of the platform is USD 28 million, and the growth rate is maintained at 20%. However, the company has not yet achieved a balance of payments.
Next, Rupeek’s plan is to expand the business scope from 10 existing cities to 100 cities by 2022, and cover western and southern India. In terms of internationalization, Rupeek is not in a hurry to leave India.
“It is well known that India has the world’s largest private gold reserves, followed by China and the United States,” said Chunsoo Kim, managing director of KBIC.
When it comes to competition, Maniyar said that more players focus on digital gold, while Rupeek focuses on physical gold, and the two are not in the same field. “We may consider synergies with them instead of treating them as competitors.” Maniyar added.