Lending Marketplace Rubique Secures Fresh Funding

Financial marketplace Rubique Technologies has raised a new round of funding led by Japan’s Recruit Group and Russian venture capital management company Emery Capital. The fresh capital infusion comes on the back of Mumbai-based company’s bridge round which got materialised earlier this month.

The funding round also saw participation from Blacksoil and existing investor Kalaari Capital. The quantum of the deal could not be ascertained, however, it is estimated around $15-20 million. The fresh funds seem to be Series B round for Rubique.

Importantly, with an interview with BusinessLine, Rubique had also revealed that it is looking to close Series B round by March.

Besides, Rubique is also in talks with two more institutional investors, to raise more funds.

The company will deploy the fresh proceed towards hiring­­­­ more data scientists. Currently, it claims to clock a monthly revenue of Rs 3.5 crore and aims to reach the figure of Rs 12 crore by September.

Floated in 2014 by Manav Jeet Singh and Sandeep Nambiar, Rubique is a multi-lingual marketplace-based lending platform aimed at financing the needs of individuals as well as small and medium enterprises. It operates in over 30 cities in India and served over 100,000 customers through 85 financial institutions.

Rubique competes with several startups in fintech space including Finomena, Lendingkart, and Capital Float. The company also sets to add insurance and mutual funds in its offerings.

The company had raised $3 million Series A funds in 2015 from Kalaari Capital, YourNest Angel Fund, Globevestor and Dexter Angel Circle. Besides Series A, it also raised two bridge round led by early backer Kalaari Capital.