Ruptok Fintech Secures INR 14 Cr Debt Funding From Eclear Leasing & Finance The funds will be utilized to execute a co-lending agreement with Eclear and intends to offer a higher loan to value (LTV) for borrowers than average market rates, in compliance with the directives laid down by RBI
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Delhi-based fintech platform Ruptok Fintech Pvt. Ltd on Thursday announced to have secured debt funding of INR 14 crore from a New-Delhi based NBFC Eclear Leasing & Finance Pvt. Ltd.
The funds raised will be utilized to venture into a co-lending agreement with Eclear through a strategic alliance.
With this alliance, the two companies intend to offer a higher LTV for borrowers than average market rates, in compliance with the directives laid down by RBI.
Founded in July 2020, Ruptok Fintech Pvt. Ltd. endeavors to provide instant disbursal of loans against gold jewelry at the customer's doorstep.
"We are elated to announce the capital infusion and our strategic alliance with Eclear Leasing & Finance Pvt. Ltd for co-lending business. The opportunity in the lending industry is penetrating every day as the appetite for short terms loans has significantly increased in the past year. Our funding and partnership will strengthen our commitment to offering a seamless experience and a higher LTV for gold loan borrowers at competitive interest rates. Over the past year, we have witnessed an unprecedented growth trajectory and have disbursed loans worth over INR 60 crore. We are further steering to disburse INR 25 crore per month in the next phase of our business growth. We look forward to a successful partnership with Eclear," commented Ankur Gupta, founder, and chief executive officer, Ruptok Fintech Pvt. Ltd.
Through this alliance, as per the strategic alliance, Ruptok via Eclear, will offer an additional lending amount to the borrowers on the same pledged gold assets, with the help of its banking partners. This will help the customers to avail the maximum value on the same assets within the guidelines of RBI, the company said.
The fintech aims to further its business growth and achieve its goal of disbursing INR 25 crore per month as a part of its next growth plans.
"The gold loan industry has grown tremendously in the past one year. The lending industry is burgeoning at present, especially with the increase in demand for short-term and instant loans. Ruptok intends to emerge as a category leader in the industry with its rapidly expanding business and operations. We are excited to be a part of Ruptok's journey to achieve its vision. Our unified commitment to facilitate the lending requirements of the borrowers will strengthen this partnership," added Manoj Bansal, chief executive officer, Eclear Leasing & Finance Pvt. Ltd.
In January 2021, Ruptok had raised angel funding from Canada-based investment firm Wurk. It is also backed by ABL Workspaces Private Limited, a co-working space. The company had also acquired GoldUno, a Mumbai-based firm, from Vinrak Technologies Private Limited in an all-stock deal.
With its recent launch of operations in six new cities, Ruptok is now present in eight prominent cities including Delhi NCR, Mumbai, Pune, Nashik, Hyderabad, Jaipur, Vadodra, and Surat.
Within a short span of 10 months, Ruptok has served a total of over 1400 customers and disbursed over INR 60 crore to date and aims to be present in 27 cities by financial year (FY)22.
