Ruptok Fintech, a business that offers gold loans, has raised Rs 14 crore in debt capital from Delhi-based NBFC Eclear Leasing and Finance.
Ruptok intends to use the funds to enter the co-lending market through a partnership with Eclear. According to a statement, the two organisations plan to provide borrowers a greater loan to value (LTV) than typical market rates as a result of their partnership, in accordance with RBI directives.
Ruptok Fintech, which was founded in July 2020, today has over 1,400 customers and has disbursed gold loans worth over Rs 60 crore.
On raising the debt fund, Ankur Gupta, Founder and CEO, Ruptok Fintech said, “The opportunity in the lending industry is penetrating every day as the appetite for short terms loans has significantly increased in the past year.”