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Gold loan startup Oro Money raises $12.5 Mn in new round
Entrackr
·
1y ago
Medial
Chennai-based gold loan platform Oro Money has raised approximately $12.5 million in a new funding round. The startup issued preference shares to raise Rs 105 crore, with new investors Singularity Ventures and Three State Capital contributing Rs 28 crore and 16 crore respectively. Existing investors PI Opportunities Fund and 021 Capital also participated, along with individual investors Mithun Sacheti and Siddhartha Sacheti. Oro Money, which offers gold loans at an interest rate of 9.48%, plans to expand to Coimbatore and Delhi. It competes with firms such as Indiagold, Ruptok, and Rupeek.
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Plus Gold raises $1.2 Mn led by JITO
Entrackr
·
1y ago
Medial
Gold investment app Plus Gold has raised $1.2 million in a seed funding round led by JITO along with participation from Venture Catalyst, Sonakshi Sinha, Sachin Shetty, Signal Ventures, Varun Dua, Shrish Mishra, Misfits among others. The proceeds will be deployed to raise its tech infra, improve user experience, strengthen security, and develop AI-driven investment advisory features, Plus Gold said in a press release. Founded in May 2022 by Veer Mishra and Raj Parekh, Plus Gold offers gold investments through Systematic Investment Plans (SIPs) or one-time transactions. It enables users to redeem their digital gold investments as physical jewellery at any time. According to the Bengaluru-based company, it weeds out barriers in traditional gold investment, such as storage, purity assurance, and liquidity issues. A part of the proceeds will also be used for hiring engineers, customer service executives and others. Plus Gold is operating in a crowded market as a bunch of well-funded companies have been operating in the space. At present, the online gold investment segment is dominated by PayU and Alpha Wave-backed Indfiagold, Rupeek, Oro Money and Tiger Global investee Jar among others. Large fintechs including PhonePe also added gold buying offering to their app.
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RBI cautions banks on gold loan disbursals through fintech startups
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has issued a warning to banks about gold loans disbursed through fintech startups. The central bank expressed concerns over the evaluation process, particularly when gold is sourced through field agents. Major players like Rupeek, IndiaGold, and Oro Money are involved. The cautionary measures may involve temporary pausing of business to ensure compliance. The RBI's scrutiny follows recent regulatory action on IIFL Finance's gold loan business. Gold loans have seen significant growth, with retail gold loans reaching Rs 1 lakh crore in March 2024.
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Gold-loan fintech firms spot a glimmer in RBI’s draft rules
Economic Times
·
3m ago
Medial
The Reserve Bank of India's draft guidelines to regulate the gold loan sector have attracted interest from fintech companies seeking partnerships with banks and non-banking lenders. The guidelines aim to harmonize the regulatory framework and address concerns in the sector. New players entering the market, like L&T Finance and Poonawala Fincorp, and startups such as Rupeek and Oro Money see opportunities in co-lending. However, stricter rules may challenge traditional lenders, but fintech collaborations could provide solutions.
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Rupeek raises $15 Mn from Elevation; readies for secondary
Entrackr
·
1y ago
Medial
Online gold loan platform Rupeek has secured Rs 125 crore (approximately $15 million) in primary funding from Elevation Capital. This is the second tranche of the new round in which 360 One Large Fund had already put in $6 million during May. The board at Rupeek has passed a special resolution to issue 5,801 compulsory convertible preference shares at an issue price of Rs 2,15,467 each to raise Rs 125 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The Bengaluru-based firm appears to close this round at around Rs 250 crore, according to sources aware of the details of the funding. While Rupeek already raised Rs 175 crore ($21 million) from Elevation and 360 One Large Fund, the remaining Rs 75 crore ($9 million) is likely to come from Ranjan Pai’s investment office Claypond Capital, as per sources. “Sumit Maniyar along with employees and Rupeek’s early backer Bertelsmann may dilute around $8-10 million worth shares to Claypond Capital,” said one of the sources requesting anonymity. Queries sent to Maniyar didn’t elicit any response. The Binny Bansal-backed company has raised around $165 million to date. As per the startup data intelligence platform TheKredible, PeakXV was the largest external stakeholder followed by Accel and Bertelsmann as of the last tranche. 360 One Large Value Fund holds 2.44% of the firm before this tranche. Rupeek, which provides gold loans, has been struggling to scale and faced 60% erosion in its value. The company’s peak valuation stood at $634 million in January 2022 but its worth nosedived to $250 million in the ongoing round. Entrackr was first to report Rupeek’s down-round. The massive cut in valuation came on the back of Rupeek’s falling scale. Its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the same period. The company is yet to file its annual statements for FY24. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold.
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MENA Digest: Nymcard nets $33 mn; ClearGrid, PlaysOut get seed money
VCCircle
·
4m ago
Medial
NymCard, a payments infrastructure provider in the Middle East and North Africa (MENA) region, secured $33 million from investors to expand its market presence. Other notable funding activities include UAE-based gametech platform PlaysOut raising $7 million, ClearGrid receiving $10 million for fintech developments, and ORO Labs securing $1.5 million to enhance its tokenised gold platform. Additionally, Grinta, a pharma marketplace startup, acquired Citi Clinic, while Yango Ventures formed a $20 million corporate venture fund targeting early-stage startups.
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Exclusive: Rupeek raises fresh funds at 60% valuation cut
Entrackr
·
1y ago
Medial
Online gold loan platform Rupeek has raised Rs 50 crore from 360 One Large Value Fund (formerly IIFL Wealth Management). Significantly, the company’s valuation nosedived by 60% in the new round. The board at Rupeek has passed a board resolution to issue 1,307 compulsory convertible preference shares at an issue price of Rs 3,82,492 each to raise Rs 50 crore, its regulatory filing shows. The company will use these funds for growth, expansion, and general corporate activities, as the company’s board decides. During FY24, the company also raised around Rs 43 crore from existing investors such as Peak XV, Bertelsmann, Accel India, and GGV Investments, the filing further shows. According to Fintrackr‘s estimates, the company has been valued at around Rs 2,050 crore or $250 million post-allotment. This implies that the company raised new money at a 60% haircut in its valuation as compared to Rupeek’s peak valuation of $634 million in January 2022. Recently, an ET report said that Rupeek was in talks to raise funds from Ranjan Pai’ investment office Claypond Capital and Axis Bank at a valuation of $200-250 million. Rupeek provides gold loan services and claims to streamline the entire processing from underwriting to disbursal in 30 minutes. The Binny Bansal-backed company has raised around $150 million to date. As per startup data intelligence platform TheKredible, PeakXV is the largest external stakeholder followed by Accel and Bertelsmann. Its new investor 360 One Large Value Fund holds 2.44% (post-allotment). The Bengaluru-based company is yet to report FY24 numbers but its revenue from operations declined 27.6% to Rs 89 crore in FY23 while the losses stood at Rs 281 crore in the fiscal year ending March 2023. The Sumit Maniyar-led firm directly competes with Oro Money, Ruptok, Yellow Metal, and to some extent with PayU-backed Indiagold. There should be no issues on the valuation haircut for Rupeek, considering that its peak valuation was not just at the peak of the funding cycle, but subsequent performance has also failed to justify those numbers. There are far too many founders who get hung up on a specific valuation number, before it is too late to raise fresh funding. Rupeek has clearly focused on the next steps, rather than dwell on the past too much. That it found backers at the new valuation figure also speaks about the credibility the founders retain, despite the tough times in the recent past.
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Peak XV-backed Bright Money raises $62 Mn
Entrackr
·
1y ago
Medial
Bright Money, a Bengaluru and San Francisco-based consumer fintech startup, has raised $62 million in a Series B funding round. The round consists of $50 million debt from Encina Lender Finance and $12 million equity led by Alpha Wave, Hummingbird, and PeakXV. Bright Money offers debt management solutions and aims to reshape global retail banking using big data and AI. The funding will help the company cater to millennials, particularly in the US, and expand its product offerings. Bright Money previously raised $31 million in a Series A round in September 2021.
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Exclusive: Rupeek In Talks To Raise INR 200 Cr From Elevation Capital, Others
Inc42
·
1y ago
Medial
Rupeek, an Indian online gold loan platform, is set to raise $60 million in a funding round led by new investor Elevation Capital. This funding round will value Rupeek at $250 million, significantly lower than its peak valuation of $600 million. Existing investors, including 360 One Large Value Fund and BlackSoil, will also participate in the round. The funds raised will support Rupeek's growth and expansion plans in the online gold loan market.
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Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round
Entrackr
·
1y ago
Medial
Wealthtech startup Stable Money has raised over Rs 123 crore nearly $15 million in a new round from RTP Capital, Lightspeed India, and Matrix Partner. The Bengaluru-based company has become one of the few startups to close two rounds within a year, especially during the so called funding winter. The board at Stable Money has passed a special resolution to issue 77,135 CCPS at price of Rs 16,019 each to raise Rs 123.56 crore or $14.74 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. RTP Capital led the round with Rs 54.26 crore ($6.5 million) while Lightspeed India and Matrix Partners India pumped in Rs 34.64 crore ($4.15 million) each in this round. In August 2023, Stable Money scooped up $5 million in its first equity fundraise led by Matrix Partners and Lightspeed. Titan Capital, Mar Shot Ventures and a clutch of prominent angel investors also participated in the round. As per startup data intelligence platform TheKredible, Stable Money will be valued at around $60 million post money. This is nearly four fold jump in valuation from $16.5 million in the last round. Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is building a fixed-return investment platform to provide financial consultation services to investors. The platform will also publish financial literacy content on its online platform to create awareness among investors. A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. Recently Deserv raked in $32 million in its Series B round led by Premji Invest. In May, wealth management platform Wealthy raised $5.4 million in a new round led by Alpha Wave Incubation Fund.
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Gold loan startup Rupeek is staring at a down round
Economic Times
·
1y ago
Medial
Gold loan startup Rupeek, backed by Peak XV Partners and Accel, is reportedly in discussions with existing and new investors for a new funding round. The company, previously valued at $600 million, may see a significant cut in valuation of up to 40-50% due to regulatory changes and lackluster growth in the industry. This potential down round comes as the Reserve Bank of India barred IIFL Finance from disbursing gold loans, causing caution among market players. Rupeek's assets under management have also stagnated in the current fiscal year. Despite these challenges, the company remains focused on profitability.
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