Flipkart co-founder, Binny Bansal, bets big on gold loan startup Rupeek

Rupeek Fintech Pvt, an online lender that dispenses loans against gold jewelry and heirlooms, has raised $60 million from investors including GGV Capital after demonstrating sharp growth in recent months.

Tanglin Venture Partners, Flipkart co-founder Binny Bansal’s BTB Ventures and Korea’s KB Investment Co. were among those that joined its latest financing round, the company said in a statement. The funding valued the Bangalore-based startup at more than $300 million, a person familiar with the transaction said. Rupeek itself did not disclose the valuation.

Rupeek, which dispatches appraisers to prospective borrowers’ doorsteps to assess and pick up jewelry, is finding favor with Indians ashamed of being seen pawning family heirlooms. It disbursed $16 million of loans in September and is currently at a monthly pace of $28 million, said Sumit Maniyar, founder and chief executive officer. That’s up from a mere $1.5 million in January of last year, he said.