The funding round was also participated by Blacksoil and existing investor Kalaari Capital.
The online lending firm, Rubique Technologies has secured fresh funding in a round led by Japan’s Recruit Group and Russian venture capital management company Emery Capital, the company said.
The funding round was also participated by Blacksoil and existing investor Kalaari Capital. While the company did not disclose the funding size, it is estimated to be in the range of $15-20 million.
CEO Manav Jeet said, “Having these global investors on board, who have also invested in similar business models, will be a very big value addition. They are connecting us to these similar companies and we have the opportunity to learn from them.”
Recruit Group is a large group of companies in Japan that offers HR technologies and other services. Emery Capital is a venture capital management company that invests in global-focused early-stage technological startups, and has invested in an alternative lending player in Europe called ID Finance, and more recently in UK-based PremFina, which offers software to insurance brokers.
Ivan Savelyev from Emery Capital in a statement said, “Rubique’s unique business model and technology thinking has an impressive ability to hit the ground running to build a financially strong nation with easy access to credit to all sectors of the society – businesses and millennials.”
“We are committed to supporting Rubique on its journey to become a leading fintech player in India and also help and share our experience with similar models in other continents and explore synergies to work with them,” he added.
The funding will be utilized in procuring data scientists, enhance technology and reach a monthly revenue of Rs 12 crore by September, the CEO said. The current monthly revenue is about Rs 3.5 crore. He also added that the group is talking to two more institutional investors, including one from China, but did not specify the names.
Jeet said, “Rubique is currently also set to launch into two new categories insurance and mutual funds, with the company having received regulatory approvals for both. We are a data company and want to leverage our technology to offer financial products to customers.”