India based provider of an online marketplace for gold loans raised $30m in funding led by Bertelsmann India Investments.
Rupeek claims it is currently disbursing gold loans at an annual run rate of more than $150 million and is growing 20 percent month-on-month. The organised gold loan disbursal in India is estimated at $90 billion per annum. India currently holds 27000 tonnes of gold worth more than $1 trillion, out of which only six to seven percent is monetised through the organised market. The unorganised market is estimated to be three times the size of the organized gold loan market.