Ranjan Pai and Axis Bank May Back Gold Loan Startup Rupeek

Claypond Capital, Axis Bank, and new investors intend to invest in Rupeek at a lower valuation.

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Ranjan Pai and Axis Bank May Back Gold Loan Startup Rupeek

Claypond Capital, Axis Bank, and new investors intend to invest in Rupeek at a lower valuation.

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Investment details are being finalized, and existing investors are considering selling shares.

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Claypond Capital, the investment arm of Manipal Group chairman Ranjan Pai, and private sector lender Axis Bank are in negotiations to invest in gold loan startup Rupeek.

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According to sources, the valuation of the Accel- and Peak XV Partners-backed startup will most certainly be reduced as a result of the round.

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Manipal’s Pai declined to respond. Rupeek’s CEO, Sumit Maniyar, and Axis Bank did not reply to inquiries.

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According to RBI data, outstanding gold loans were Rs 1 lakh crore in March, up from Rs 89,382 crore the previous year.

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