The chairman of Manipal Group, Ranjan Pai and the investment office Claypond Capital are in talks with Axis Bank to invest in Rupeek, a gold loan startup.
The investment will likely result in a lower valuation for Rupeek. The talks with Axis Bank are in the early stages and the amount of investment has not been finalised yet. The investment round will also involve existing investors selling their shares, according to media reports.
Rupeek has recently raised funds from asset management firm 360 One Asset at a discounted valuation from its previous peak. The investment aims to build a partnership with Axis Bank for gold lending.
Rupeek has experienced a slowdown in disbursals, but its asset quality has improved. Regulatory changes have impacted investor sentiment and funding valuations in the fintech sector. Additionally, other startups in the same sector are also affected by changes in market conditions and investor valuations.
