[Funding alert] Fintech start-up Ruptok raises Rs 10 Cr from Canadian investment company Wurk
Ruptok Fintech Pvt Ltd, a Delhi– fintech platform for gold loans, raised Rs 10 crore in an angel fundraising round of Wurk, a Canadian investment company.
The funds raised will be used by the startup to fuel activities and operations in Jaipur and Mumbai by March 2021. At the same time, the funds will be used to acquire the talents needed to strengthen the size of the team.
“During the pandemic, we saw several people facing a liquidity crisis and selling their assets to meet their financial needs. Our idea behind the launch of Ruptok last year was to offer easy financing options to customers from the comfort of their door, ”said Ankur Gupta, Founder and CEO of Ruptok.
“This capital will help us fuel our business expansion plans to new cities. We are committed to providing accessible and hassle-free gold loans not only for financial institutions but also for businesses large and small, ”he added.
Founded in July 2020 through Ankur Gupta, Akshita Gupta, and Yashwardhan Aeren, Ruptok has worked to offer logistics and technology solutions for gold loans to financial institutes at their doorstep in Delhi NCR. The startup strives to provide instant loans against gold jewelry (18k and above) within 30 minutes.
Ruptok is supported by ABL Workspaces Pvt Ltd, a coworking space. The company says it leverages the low-cost operating model and credit scoring tools to offer competitively priced loans with a minimum interest rate of 0.85%.
In less than a year, Ruptok said he had already reached an asset under management (AUM) of around Rs 15 crore and is expected to increase it to Rs 50 crore by the end of this fiscal year.
“We believe Ruptok launched operations at the perfect time to address clients’ financial challenges with their proximity and instant services. We would like to join Ruptok on their journey to success, ”added Barbara Holding, a spokesperson for Wurk.
Customers can apply for, renew and repay interest or principal on loans using the company’s app from the comfort of their homes. Customers must complete the verification and security process by submitting KYC documents such as Aadhaar card, PAN card, passport and driver’s license among others.
The company plans to expand its operations up to 22 cities in India by FY23. For starters, Ruptok will first step up operations in two new markets, Jaipur and Mumbai, by March 2021.