Founded in 2015 by Sumit Maniyar, Rupeek was built on the idea that consumers could be offered gold loans at their doorstep.Bengaluru-based gold loan startup Rupeek is looking to raise fresh funding of $50 million, at valuations higher than its last financing round in 2024, on the back of improved financials and steady growth in its core business, two people aware of the plans told ET.
The Peak XV Partners-backed startup is in the process of meeting investment bankers for the deal, said the people cited above.
Rupeek had achieved a valuation of more than $600 million in 2022, but in 2024 the firm raised funding from Elevation Capital and 360 One at a discount of 40 to 50 per cent.
“Through this round, Rupeek wants to secure a valuation higher than its last funding round, on the back of growth and profitability in the core business,” said one of the persons quoted above.
Emailed queries to the company went unanswered.
Founded in 2015 by Sumit Maniyar, Rupeek was built on the idea that consumers could be offered gold loans at their doorstep, thereby removing the social awkwardness of walking into a branch to raise money against family gold. The startup works with banks like Federal Bank, South Indian Bank, Axis Bank to process these loans for their customers. A small part of the loan also sits on Rupeek Capital, its in-house NBFC.
The company has turned profitable in its core lending business, and the next round of funding would be on the basis of its profitability, the person added.
In the first half of the current financial year, Rupeek reported a profit after tax of ₹ 15 crore, swinging from a loss of ₹3 crore in FY25 and ₹115.8 crore in FY24.
The second person quoted in the story said that Rupeek is trying to play up its improved financials as a turnaround story for its higher valuation demand. Also the company needs fresh funds to get higher ratings and stay competitive with the other large gold loan players in the country like Muthoot Finance, Manappuram Finance.
The startup is also trying to leverage the growth in the larger gold loan business, with many banks and NBFCs pushing hard to grow this portfolio. According to data from Crif Highmark, in September 2025 gold loans grew at a rate of 35.8 per cent year-on-year, fastest among all other retail lending businesses.
Data from the Reserve Bank of India shows that gold loan outstanding as of November 2025 stood at ₹3.5 lakh crore, which has more than doubled from ₹1.6 lakh crore in November 2024.
Rupeek would look to raise the funds to capitalise its own non-banking finance company (NBFC), which has a very small share of its current AUM, the people added.
Currently Rupeek sources customers for its partner lenders as a business correspondent and also has a small co-lending book. According to a rating document by Crisil released in November 2025, Rupeek has built an AUM base of ₹2,514 crore as of September 2024. Out of this, ₹1,934 crore was through partner lenders, where Rupeek has operated as a business correspondent, helping source the customer.
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