Startup Rupeek, which offers gold loans, raised $16 million in a new round of funding from Accel India and Sequoia Capital, as well as investors like Bertelsmann and ZNL Growth Fund.
The announcement comes over three months after Rupeek fired 200 workers as a cost-cutting strategy. A firm representative claimed that the “subdued macroeconomic climate” was to blame for the layoffs. India’s fintech business is anticipated to grow to $1.3 trillion by 2025. With $24 billion in capital raised between 2014 and the first half of 2022, the industry is already the second most funded in the startup ecosystem.