Gold loan provider startup Rupeek raised $16 million in fresh round from Accel India, Sequoia Capital where investors like Bertelsmann and ZNL Growth Fund also participated.
The news comes nearly three months after Rupeek laid off around 200 employees as part of a cost-cutting measure. A company spokesperson said the layoffs were caused by a “subdued macroeconomic environment.” According to Inc42, India’s fintech market is expected to reach $1.3 trillion by 2025. The sector is already the second most funded in the startup ecosystem, having raised $24 billion in funding between 2014 and H1 of 2022.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
Gold loan provider startup Rupeek raised $16 million in fresh round from Accel India, Sequoia Capital where investors like Bertelsmann and ZNL Growth Fund also participated.
The news comes nearly three months after Rupeek laid off around 200 employees as part of a cost-cutting measure. A company spokesperson said the layoffs were caused by a “subdued macroeconomic environment.” According to Inc42, India’s fintech market is expected to reach $1.3 trillion by 2025. The sector is already the second most funded in the startup ecosystem, having raised $24 billion in funding between 2014 and H1 of 2022.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
