A Fintech startup company, Ruptok takes a creative step of anchoring technological services which will help customers acquiring gold loans right at their homes. This pain-relief idea originated when one of the founders of the company, Ankur Gupta was exchanging thoughts and ideas regarding the hindrances customers usually face while acquiring gold loans. He quoted, “ There’s a lot of social stigmas associated with gold loans as people do not want others to know that they are raising money in this manner. Also, one is worried about the safety of their ornaments ”.
What is a Gold Loan?
Loan issued to the borrowers against their gold possessions as collateral security is what referred to as a gold loan. The loan value depends on the value of gold submitted which keeps on fluctuating according to the current market value. Interest rates on the gold loan are generally lower since it involves gold as collateral security. These are considered short-term loans and can be availed without much documentation.
What is Ruptok Fintech about?
Ruptok Fintech Private Ltd. is a Delhi-based startup company proving its customers digital gold loan accessing services with flexible and luring interest rates. Founded in July 2020, the company always comes up with creative ideas and solutions to bring forth gold loans for its customers with minimum hiccups. The company offers low-interest rates down to 0.69 % per month. Additionally, it provides individual and customizable financial solutions to its clients. Here’s the company’s team structure:
CEO, Founder Ankur Gupta
Chief Operating Officer (COO) Niranjan Ayyer
Chief Product and Technology Officer Sharad Ingole
Chief Growth Officer Yashvardhan Aeren
Chief of Digital Marketing Amit Gaosandhe
Advisors Manmohan Chandolu, SR Sundara Ranjan
How does Ruptok work?
To secure a gold loan from the company, customers need to contact the company where they are introduced to the terms and conditions and the official documents required on the customer’s part. As the next step, an intermediary individual is communicated with customers at their doorstep regarding all the digital as well as legal formalities including KYC, auditing of the security, etc. The final step includes an agreement taking place digitally.
Is Ruptok a successful startup?
“ It took some time for the banks to get on board with us, but now we are in the final stages of signing up some more financial institutions,” said the co-founder of the startup. The company primarily expected a year to achieve their target, however, on the contrary, it was more than just enthralling to see their accomplishment of achieving the target much before the expected time. Ruptok Fintech claims to own assets worth more than Rs. 60 crore working in cities including Delhi, Mumbai, Jaipur, Vadodra, Surat, Pune, Hyderabad, Nashik, etc. In the recent time, the company has raised its funds from angel investor Wurk. Moreover, it has successfully acquired debt funds from Enclear Leasing & Finance valuing Rs. 14 crore. The dominant portion of customers reaching out the company includes people either with urgent need or those who potentially wants to meet their capital requirements.
Ruptok’s Future Plans
The startup’s future plans and goals include generating services like video KYC and providing its customers with a digital wallet system for a smooth experience using technologically enhanced systems. With the dynamic and expanding market structure, the company has plans to expand to over 27 cities by the end of the financial year 2022. Highlighting the competition in the gold loan market, the founder says, “ This is a huge market and our biggest competition is the local pawnbroker. But our mission is to make the entire journey of getting a gold loan as comfortable as possible for the customer ” .