Ruptok Fintech Foray Into Partnership With MAG Finserv; Intends To Disburse Rs 50 Cr

Ruptok Fintech Pvt. Ltd, a fintech platform for gold loans, has announced a co-lending partnership with MAG Finserv Co.Ltd (MFCL), a financial services company that deals in Gold loans, Microfinance, and Two-Wheeler Finance. Under the co-lending partnership agreement, Ruptok along with MAG Finserv intends to disburse a total of INR 50 Crore gold loan by the end of FY 22. The partnership allows them to cater to over 30 prominent markets across the country and will help them to capture a bigger market share in the gold loan sector.

At present, MAG Finserv has a strong foothold in Tier II and Tier III markets of Maharashtra & Karnataka where it operates out of 22 key markets. As part of this strategic partnership, MAG Finserv book will be leveraged & Ruptok logistics and technology stack to be able to operate jointly in over 30 markets.

Talking about the partnership, Ankur Gupta, Founder and CEO, Ruptok Fintech Pvt. Ltd., said, “The gold loan industry has witnessed a drastic uptick in the recent years that translates the increase in demand from consumers. We are pleased to have one of the leaders in the lending industry – MAG Finserv onboard as our partners to a cater a diverse set of clients across regions. It will further allow us to accelerate our business plans and continue with our vision of strengthening our foothold in the industry.”

Sharing comments, Anata Mohotkar CMD, MAG Finserv Company Ltd. said, “Ruptok has shown potential & business acumen within a short span. The joint goal of hassle-free gold loan disbursal rightly aligns with our overall focus on excellent quality, affordable cost, timely delivery, and complete customer satisfaction. We look forward to joining hands with one of the fastest growing fintech platforms in the sector. This partnership will allow us to capture the largely unorganized gold loan sector and disburse 100 Crore, making gold loans accessible and paving the way for financial inclusion.”

Ruptok Fintech Pvt. Ltd. endeavors to provide instant disbursal of gold loans at the customer’s doorstep. Since its inception in July 2020, the company has witnessed a phenomenal growth trajectory owing to its fast, hassle-free and technologically driven solutions. Recently, the fintech platform raised a total of INR 16 Crore in its series-A funding round. Previously, Ruptok had also raised INR 14 Crore and entered into a strategic co-lending agreement with Eclear Leasing and Finance, a New Delhi based NBFC. In March 2021, Ruptok also acquired GoldUno, a Mumbai-based firm, from Vinrak Technologies Private Limited in an all-stock deal.