RUPEEK
ETtech Deals Digest: Startup funding falls 34% on year to $118 million this week
In terms of volume, total deals during the week stood at 18, compared to 32 a year ago, and 16 in the second week of May 2024. Sequentially, deal value went up about 3.3X from $35.2 million to $117.6 million.
Ranjan Pai, Axis Bank may back gold loan startup Rupeek
Claypond Capital, Axis Bank, and new investors plan to invest in Rupeek at a reduced valuation. Investment details are being finalized, with existing investors also considering selling shares. Rupeek previously raised funds from 360 One Asset at a significant discount.
A week of hits and misses in fintech; and other top tech, startup stories
Hi, this is Pratik Bhakta in Bengaluru. It’s been a busy news week for us here at ETtech covering some of the most important stories in the fintech space. We had a string of big exclusives, wrapping it up here just in case you missed reading them.
Premji Invest eyes Nainital Bank stake; Ranjan Pai may back Rupeek
Happy Friday! Azim Premji’s family office is eyeing a majority stake in Bank of Baroda-owned Nainital Bank. This and more in today’s packed edition of ETtech Morning Dispatch.
RBI scanner on gold loan startups; setback for P2P lending firms
Happy Wednesday! After the central bank's action on IIFL Finance, concerns have been raised over gold loan evaluation by fintechs and their partner banks. This and more in today’s ETtech Morning Dispatch.
RBI cautions banks on gold loan disbursals through fintech startups
RBI cautions banks on gold loan disbursement concerns through fintechs like Rupeek, IndiaGold, and Oro Money. Banks evaluating next steps post IIFL Finance issue. Asset quality improved at Rupeek, with partnerships with Federal Bank, Indian Bank, and South Indian Bank.
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Wealthtech startups rake in funds; ads on sound box coming soon!
Wealthtech platforms Dezerv and Stable Money are set to close $30 million and $17 million in equity funding, respectively. While Dezerv is looking to raise the capital from Premji Invest, Stable Money is likely to rack up funds led by RTP Global.
Regulatory actions prompt rethink among fintechs; and other top startup stories this week
Fintech industry faces regulatory challenges, affecting players like Paytm Payments Bank. Market dynamics shift with increasing regulatory scrutiny. Fintech startups adapt to changing landscape and consumer-focused regulations, emphasizing compliance and strategic recalibration.
Rupeek’s steep down round; Paytm to become third-party UPI app
Gold loan startup Rupeek may soon be tying up a new funding round, albeit at a lower valuation. This and more in today’s ETtech Morning Dispatch.
Gold loan startup Rupeek is staring at a down round
Rupeek could be staring at a cut of as much as 40-50% in its valuation. It was last valued at $600 million. A down round is where a company raises new funds at a lower valuation compared with the previous round.
Presenting the jury for The Economic Times Awards for Corporate Excellence
Meet the high-powered jury that will pick the winners of India Inc’s most prestigious awards: The Economic Times Awards for Corporate Excellence.
P2P companies log revenue jump, thanks to business partnerships
After years of slow growth and a fledgling business model, some P2P platforms have shown a strong uptick in business volumes mainly through their affiliate programmes, but will regulatory action make this short lived?
Banks turn to gold loans on RBI stance, woo fintech companies
More and more banks are looking to launch their own gold loan products and also looking to strike partnerships with fintechs like Indiagold and Rupeek that distribute secured loans.
Growth stage investor Elev8 Venture Partners raises $67 million
The fund will invest USD 10-15 million each of the money into over 10 tech-enabled but sector-agnostic companies with a valuation of USD 100 million or more.
Rupeek lays off 200 employees amid slowdown in funding
In a written communication to employees on Tuesday morning, Rupeek founder and chief executive Sumit Maniyar said the company had taken a “decision to part ways with 10-15% of Rupeek’s colleagues and friends.”
Physics Wallah turns unicorn amid edtech carnage; Rupeek lays off 200
Physics Wallah joined the unicorn club after raising $100 million from WestBridge and GSV amid edtech cargnage.
Rupeek partners with NSDC to build skilled gold appraisers
The partnership is aimed at attracting young talent looking for career opportunities within India’s gold loan industry.
Top ecommerce companies, startups step up campus hiring at B-schools
Placement cells at management schools, including the Indian Institutes of Management at Kozhikode and Indore, Symbiosis Institute of Business Management, Pune, also confirmed the sharp jump in hiring by such companies this year.
Digital gold loan player Rupeek doubles loan book to Rs 7,500 cr in 2021
The last fundraising was in March 2021 when it had mopped up USD 33 million at a valuation of USD 508 million from GGV Capital, Vostok Emerging Finance, Highsage Investments, and Bertelsmann.
Rupeek picks up $34 million in fresh round led by Lightbox
The gold loans provider is now valued at $634 million, said a person aware of the talks. Rupeek said it would use the funds to scale further and invest in new products.
Vaibhav Domkundwar’s Better Capital raises $15.28 million maiden fund
Silicon Valley entrepreneur Vaibhav Domkundwar is a solo general partner at Better Capital, unlike most venture capital funds which run as a partnership among a few executives.
Rupeek Fintech is India’s fastest growing tech startup, Deloitte finds
Rupeek Fintech, with its three-year revenue growth of 7,295%, has topped Deloitte Touche Tohmatsu India’s Tech Fast 50 India 2020 programme.
Indiagold looks to pilot lending against digital gold
Indiagold, a gold loans startup, hopes to get RBI’s approval for scaling up the offering by leveraging its refinery partners to create realtime reserves against digital gold and extend a line of credit to its customers.
DocSumo raises $220 k seed funding from Better Capital, Barclays, others
DocSumo’s technology platform helps in the automation and analysis of financial data such as bank statements, pay stubs, tax data, and business financial documents.
Rupeek appoints Amazon’s Japan Doshi as head of product, engineering and data science
Doshi’s appointment follows other key leaders who have joined Rupeek in the last couple of quarters as the company has been strengthening its leadership team across all domains
Rupeek ends Aasaanjobs' HR contract
Rupeek, which operates an online marketplace for gold loans, terminated a human resource contract with Aasaanjobs, a recruitment marketplace for blue and grey-collar jobs, allegedly indirectly impacting 600 jobs.
Rupeek gets $60 million led by GGV, Binny Bansal and Bertelsmann
The company has partnered banks such as ICICI Bank, Karur Vysya Bank and Federal Bank to provide loans where customers can get their gold valued at home and receive the loan amount directly into their bank accounts.
Flipkart co-founder, Binny Bansal, bets big on gold loan startup Rupeek
Rupeek, which dispatches appraisers to prospective borrowers’ doorsteps to assess and pick up jewelry, is finding favor with Indians ashamed of being seen pawning family heirlooms.
Rupeek gets $30 million from Bertelsmann, Accel, Sequoia
The funding will be used for product development and market expansion.
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