Gold financing platform Rupeek reported a revenue of Rs 88.92 crore from operations in FY23, marking a 27.6% decline from the Rs 122.93 crore generated in FY22. Despite the dip in revenue, the company saw a reduction in losses, posting Rs 281.57 crore compared to Rs 364.37 crore in FY22. Expenditures for the financial year totaled Rs 376.88 crore, with the employee benefits scheme representing the largest portion at Rs 161.08 crore. Finance costs experienced a slight increase to Rs 26.29 crore from Rs 20.01 crore in the previous fiscal year.
Founded in 2015 by Sumit Maniyar and headquartered in Bengaluru, Rupeek has secured backing from prominent investors such as Sequoia Capital, Accel Partners, Bertelsmann, GGV Capital, and Lightbox. The company raised Rs 34 million in a funding round led by Lightbox.
Despite challenges, Maniyar expressed his commitment to achieving profitability for Rupeek within the next six years in a June interview with LiveMint. With a presence in over 3,500 cities, Rupeek, valued at about $634 million, faces competition from rivals like Jar, IndiaGold, and Oro. Despite letting go of around 200 employees in June last year, the company has raised a total of $140 million to date.
