Gold loan provider Rupeek cuts 68% loss in FY21

0


Rupeek recorded a loss of INR 156 Cr in FY 21, a significant drop from INR 487 Cr posted in March 2020

The startup saw its revenue increase by 177%, from 31.9 Cr INR in FY20 to 88.5 Cr INR in FY21.

It recorded INR 53 Cr for employee benefit expenses in FY20, which rose to INR 120 Cr in FY21

Rupeek, a Bengaluru-based gold loan provider, managed to cut its loss by almost 68% in the last fiscal year FY21. The startup recorded a loss of INR 156 Cr in FY 21, a significant drop from INR 487 Cr posted in March 2020.

Rupeek also saw its revenue increase by 177%, from 31.9 Cr INR in FY20 to 88.5 Cr INR in FY21. The operating income of the gold lending provider increased to INR 25 Cr in FY21, a sharp increase from INR 11 Cr in FY20. Rupeek’s operating income tripled from 20 Cr INR in FY20 to 62 Cr INR in FY 21.

In terms of expenses, the startup reduced cash consumption by 53% compared to fiscal year 20. According to the startup’s consolidated income statement, it incurred a total expenditure of 245 Cr INR during the fiscal year. 21, compared to 519 Cr INR that it posted in FY20.

While the startup was successful in reducing major spending in its other expenses, it increased employee benefits spending by 56% in FY 21. The startup recorded 53 Cr INR for employee benefits spending. during financial year 20, which rose to 120 Cr INR during financial year 21. Social security charges mainly include employee salaries and the employee shareholding program (ESOP).

Rupeek was founded in 2015 by Sumit Maniyar and Ashwin Soni to allow gold lending and monetize unused gold from India. The startup operates in more than 30 cities in India and is connected to more than 500,000 customers. He wants to use $ 2 billion in domestic gold that remains idle.

In 2019, the startup had raised $ 30 million led by Bertelsmann India with the participation of Accel and Sequoia India. Rupeek is in strong competition with traditional gold lenders such as Manappuram Gold Loan, Muthoot Finance, ICICI Bank, among others.

Among the ecosystem, IndiaGold, led by Deepak Abbot, is one of its close competitors. In August, IndiaGold chose up $ 12 million in Serie A funding round by Prosus NV and AlphaWave Incubation. The cycle also saw the participation of 3One4 Capital and Rain Water Capital.


Share.

Comments are closed.