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Ranjan Pai, Axis Bank may back gold loan startup Rupeek

Ranjan Pai's family office and private sector lender Axis Bank are in talks to invest in gold loan startup Rupeek_.Claypond Capital, Axis Bank, and new investors plan to invest in Rupeek at a reduced valuation. Investment details are being finalized, with existing investors also considering selling shares. Rupeek previously raised funds from 360 One at a significant discount.

The sources further added that the investment could be part of the partnership that Rupeek is building with Axis Bank for gold lending. The talks are still at an early stage though.

Rupeek raised around Rs 50 crore from asset management firm 360 One, formerly known as IIFL Wealth, on March 20, 2024. It is acquiring the fresh capital at a discount of around 60% to its peak valuation of $600 million in July 2022.

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