Fintech start-up firm Rubique targets a multi-fold growth in its business to clock a monthly revenue of Rs 100 crore by 2021 on account of expansion in new financial segments such as insurance, mutual funds and credit cards.
Fintech start-up firm Rubique targets a multi-fold growth in its business to clock a monthly revenue of Rs 100 crore by 2021 on account of expansion in new financial segments such as insurance, mutual funds and credit cards. "We clocked a revenue of Rs 47 crore in 2017-18, with a monthly revenue of Rs 3.5 crore. Now we are aiming to reach Rs 100 crore monthly revenue by 2021 and breakeven by March 2019," Rubique MD and CEO Manav Jeet said today.
Established in the year 2014, Rubique claims to have registered four-fold growth year on year.
"We are serving more than 2 lakh customers and have helped in disbursement of Rs 2,670 crores worth loans and over 82,000 credit card in just around 3.5 years time. On year-on-year basis, loan disbursement increased 6-fold, credit card set ups 8.9 times and revenue grew 7.8 times since fiscal year 2016," Jeet said.
He said that loan market in India for retail and SME is estimated to be around USD 600 billion and growing at compound annual growth rate of 20 per cent.
"Besides, online insurance business is less than 1 per cent in the country and sales of mutual fund is negligible. We are a market place and developing algorithms to push sales of these segments from our platform," Jeet said.
He said that the company at present has workforce of 100 people and now plan to higher experts in the field of insurance, mutual fund and data scientists.
"We will expand product distribution into 100 more cities in India this year and start its operations in the UAE market in next quarter," Jeet said.The company has raised fund of around Rs 65 crore from investment RSP India Fund, LLC of Japan's Recruit Co. Ltd, Russian venture capital management company, Emery Capital, Blacksoil and existing investor Kalaari Capital till date.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.