Gold loan lender Rupeek seeks to get $16m through Accel along with Sequoia Capital

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Rupeek, a gold-loan provider, has secured up to $16 million from the latest round of fundraising with Accel India and Sequoia Capital and Sequoia Capital, in addition as per reliable sources. Bertelsmann as well as The ZNL Growth Fund will also take part in the round of investment.

According to documents from the regulatory authorities according to regulatory documents, the company is close to receiving $7.4 millions from Accel India, Sequoia Capital and Bertelsmann and Sequoia Capital, among others.

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In the document, company’s shareholders endorsed the issuance of E2 CCPS Sequoia Capital, Accel India, Bertelsmann, and ZNL Growth Fund among others with an issue cost of INR 9,91,072 per shares at the extraordinary general meeting that was held on August 30th 2022.

The announcement comes three months following Rupeek laid off around 200 employees as an effort to cut costs. A spokesperson for the company claimed that the layoffs were triggered by the “subdued macroeconomic environment.”

The announcement read “Taking into consideration the current subdued macroeconomic environment, we have accelerated our efforts in the last few months to make profits. When more clarity was revealed and we re-focused our plan to be profitable over twelve to 18 months, and be able to adapt to rapidly changing economic conditions.”

Rupeek said, “A transition towards a more efficient cost structure, coupled with the recent end of fundraises in accordance with the strategy will ensure that we’re adequately funded in this plan. This is an important step that will require us to reformulate our workforce to make better synergies and because of this, after deep regret and a lot of deliberation we decided to let go of 5 percent of our entire workforce.”

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