Ruptok raises angel funding

Ruptok Fintech Pvt Ltd, a platform for gold loans, on Monday said it has raised angel funding of Rs 10 crore ($1.4 million) from Canadian investment firm Wurk.

The startup will use the funds to grow its business and operations in Jaipur and Mumbai by March this year, said Ruptok in a statement. Part of the capital will also be used for hiring, it added.

Ruptok was founded in July 2020 by serial entrepreneur Ankur Gupta (CEO), Akshita Gupta (HR head), and Yashwardhan Aeren (head of product development). The startup, which offers instant loans against gold jewelry, has been offering services in Delhi-NCR.

The company claims it already has assets under management (AUM) of around Rs 15 crore. The AUM is expected to increase to Rs 50 crore by the end of March this year.

Barbara Holding, a spokesperson from Wurk, said that the Indian fintech market has witnessed a tremendous growth trajectory in the past few years, especially during the pandemic.

“We believe Ruptok has kick-started operations at the perfect time to address the financial challenges of customers,” added Holding.