In yet another game-changing round of finance, Rubique, the leading fintech company empowering individuals & SMEs by providing easy & smooth access to finance and financial products has raised a bridge round of funding of $3 million. The money has been invested by existing investor Kalaari Capital and Udayan Goyal, managing partner at Apis Partners, a financial services-oriented private equity firm focused on Africa and South Asia.
The recent bridge round of funding came after the company's announcement mid last year that it intends to raise $10-15 million in a Series-B round. The company had raised $3 million in Series A from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Angel Circle in April last year.
Commenting on making the fund raising a discreet affair, Manavjeet Singh, CEO at Rubique said, “We deferred our Series B round since the company was already generating sufficient revenue worth INR 2 crore a month for the last six months without huge marketing spends. We feel funding is overrated and instead of looking at it as breaking news or survival fund, we focus on basics like revenue generation, self-sustainability & acceptability of our model in the ecosystem.
However, we decided to go with the new round of funds as there was immense inbound interest. We’ll be leveraging these funds to make even greater inroads across India, strengthen technology product with rich data science methodologies like AI-MLP and explore new product territories in Insurance & Mutual Funds.”
Rubique has been truly metamorphosing the traditional lending process through technological interventions in an unprecedented fashion. This has helped a tremendous number of customers in getting the best match for their financial requirements. Its recently launched Rubique Advantage feature, new lending solution TAB and the freshly added insurance products to its portfolio has enabled the platform to disburse more than INR 1,500 crore worth of loans across 27 cities till date. Of this, INR 250 crore was disbursed in the last two months alone. Rubique is now looking to expand its team of data scientists as well.