Marketplace-based lending platform Rubique has raised about Rs 3 crore from existing investor Kalaari Capital. The latest round appears to be extended part of the bridge round for the Mumbai-based fintech startup.
The last fund infusion came for the company in June last year, when it raised $3 million in bridge round participated by Kalaari and Udayan Goyal, managing partner at Apis Partners.
The fintech firm had claimed to have deferred its Series B round since the company was already generating sufficient revenue without huge marketing spends for consecutive six months.
However, in January this year, Rubique MD and CEO, Manav Jeet Singh told BusinessLine that the firm is in advanced talk to raise $15-20 million in lieu of a minority stake. He also added to close the Series B funding by March.
Singh did not reveal the investor but hinted on two global investors — one a private equity firm and another a strategic investor. Existing investors might also take part in the new fund-raising. Besides company’s expansion, Rubique also said to deploy the yet to be raised funds in data science.
Floated in 2014 by Singh and Sandeep Nambiar, Rubique is a marketplace based lending platform aimed at financing the needs of individuals as well as small and medium enterprises. The company had raised $3 million in Series A from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Angel Circle.
The startup has a footprint in over 30 cities in India and served over 100,000 customers through 85 financial institutions.
Built on a proprietary matchmaking algorithm, Rubique also offers features like – real-time processing and online approval by direct integration with financial institutions’ systems reducing the processing time significantly.
Available in multiple languages including Hindi, Marathi, and Bengali, Rubique also offers white label solutions for banks where it builds technology for them. It competes with several startups in fintech space including Finomena, Lendingkart, and Capital Float.
The development was reported by Paper.vc.
