Delhi-based Ruptok Fintech Private Limited, a fintech platform for gold loans, has acquired Mumbai-based Vinrak Technologies Private Limited, which owns GoldUno brand, in an all-stock deal.
With this acquisition, Ruptok Fintech, which currently has a presence in Delhi-NCR, will enter into the Mumbai market and will be offering logistics and technology solutions for gold loans at competitive prices to financial institutions, it said in a statement.
Founded in 2015, GoldUno offers Gold Loan from banks and NBFC’s with a wide variety of schemes curated as per the customer’s need. As part of the deal, GoldUno’s team as well as the founders will join Ruptok’s team and will help the company with pan-India expansion. Ruptok will further join hands with the channel partners of Gold Uno, including Catholic Syrian Bank and Fincare Small Finance Bank, for the gold loan business.
Ruptok currently operates in Delhi and Mumbai, and will launch its operations in Jaipur, Surat, and Pune in the upcoming weeks. The company has massive plans to expand its operations to 22 cities by the end of March 2022, and to deliver a truly tech-enabled journey for faster turnaround as well as deeper penetration in each city to benefit both the customers and the lending partners arriving out of scale.
Ankur Gupta, Founder at Ruptok, said,
“For many years, GoldUno has been leading the GoldTech market in Mumbai and has triumphed customers’ trust. Keeping the ongoing scenario in mind, we believe that the GoldTech industry is expected to bolster in the upcoming days and will further attract the interest of many customers and industry leaders. This acquisition has further strengthened our commitments towards providing accessible gold loans, not only to individuals but too small and large businesses as well.”
Founded in 2020, Ruptok Fintech Private Limited raised an angel round of Rs 10 crore from the Canadian investor Wurk Inc in January this year, and will be looking to raise additional capital to fuel expansion in the coming months. In less than a year, the company claims to have achieved assets under management (AUM) of approximately Rs 17 crore and has disbursed Rs 25 crore of gold loans with 33 percent repeat business and clear learnings.