Ruptok Fintech Expands Its Footprints To West India
Ruptok Fintech Private Limited raised an angel round of INR 10 crores from the Canadian investor Wurk Inc in January this year and will be looking to raise additional capital to fuel expansion in coming months.
Ruptok Fintech Private Limited, a fintech platform for gold loans, has acquired Mumbai-based Vinrak Technologies Private Limited which owns brand -GoldUno in an all-stock deal. With this acquisition, Ruptok Fintech, which currently has presence in Delhi NCR, has also registered its entry into the Mumbai market and will be offering logistics and technology solutions for gold loans at competitive prices to financial institutions.
Founded in 2015, GoldUno offers Gold Loan from trusted Banks and NBFC's with a wide variety of schemes curated as per customer’s need. The company is also India’s first online destination that enables formal access to credit by unlocking the power of Gold. With this partnership, Ruptok Fintech also welcomes the expertise of GoldUno’s founders– Sharad Ingule, Niranjan Ayyar and Amit Gaosandhe, who will join Ruptok’s management team and will take up the active charge in Ruptok’s pan India expansion. Ruptok will further join hands with the channel partners of Gold Uno including Catholic Syrian Bank and Fincare Small Finance Bank for the gold loan business.
Talking about the acquisition deal, Ankur Gupta, Founder at Ruptok said “For many years, GoldUno has been leading the GoldTech market in Mumbai and has triumphed customers’ trust. Keeping the ongoing scenario in mind, we believe that the GoldTech industry is expected to bolster in the upcoming days and will further attract the interest of many customers and industry leaders. We are glad to have partnered with one of the leading brands from the Mumbai market and now intend to leverage their expertise and knowledge to unravel the potential of the market and offer a frictionless and smooth experience to our customers. This acquisition has further strengthened our commitments towards providing accessible gold loans, not only to individuals but too small and large businesses as well.”
Founded in 2020, Ruptok Fintech Private Limited raised an angel round of INR 10 crores from the Canadian investor Wurk Inc in January this year and will be looking to raise additional capital to fuel expansion in coming months. In less than a year, the company has already achieved an Assets under management (AUM) of approximately ₹17 crores and has disbursed the loan of ₹25 crores of the gold loan with 33% repeat business & clear learnings.
Ruptok currently operates in Delhi and Mumbai and is launching its operations in Jaipur, Surat and Pune in the upcoming weeks. The company has massive plans to expand its operations to 22 cities by the end of March 2022 and to deliver a truly tech-enabled journey for faster turnaround, deeper penetration in each city to benefit both the customers and the lending partners arriving out of scale.