Update: Hours after removal from Play Store by Google, Rupeek has been restored for downloads on the Android platform.
Earlier: Digital gold loan startup Rupeek has been removed from Google Play Store. The app was not available on the download store since late Thursday. While the app is missing for Android devices, it can still be downloaded via APK file.
The development comes soon after the announcement of the removal of several lending apps from Play Store by Google for flouting its users’ policy. According to media reports, the list of 30 apps taken down from the Play Store includes Cashguru, 10MinuteLoan, Rupeeclick, Finance Buddha among others.
While the reason behind the removal of the app is yet to be ascertained, queries sent to Rupeek and Google in this matter didn’t elicit any immediate responses. We will update the story as and when they respond.
The Sumit Maniyar-led company offers loans against gold digitally. While gold-loan is largely dominated by traditional NBFCs such as Muthoot Finance and Manappuram Finance, Rupeek has emerged as the category leader in the online segment.
Funded by Sequoia Capital, GGV Capital and Binny Bansal’s BTB Ventures, Rupeek offers its service in over 25 Indian cities. The company has partnered with ICICI Bank, Federal Bank and Karur Vysya Bank for lending.
During its Series C round in February 2020, the company claimed to have disbursed $16 million worth loans in September 2019 and $28 million in February 2020.
Rupeek was also in early talks to raise around $100 million in a fresh round. Entrackr had exclusively reported the development in November, last year. Sources indicate that there is an enormous amount of investors’ interest in Rupeek and it’s likely to end up raising over $150 million.
This is not the first instance when a notable company has to face heat from Google. Earlier, Mobikwik and Paytm’s app were removed temporarily from the Play Store in May and June 2020, respectively. Short video sharing app Mitron was also suspended from the Play Store in July.