Everyone loves gold, especially Indians. Gold is not only one of the most precious metals in the world, but also an excellent and reliable asset when trading in financial markets. But big gains come with a big danger, which is what India Gold has been working on. The fledgling startup has raised $12 million in a Series A round led by fintech PayU for financial services and AlphaWave Incubation (AWI) from Falcon Edge Capital, bringing PayU into the digital gold sector for the first time.
Better Tomorrow Ventures, 3one4 Capital, Rainmatter Capital, and existing investor Leo Capital also participated in the round. The startup has raised $14 million so far. Better Tomorrow Ventures, 3one4 Capital, Rainmatter Capital, and existing investor Leo Capital also participated in the round.
The proceeds from the financing round will be used to grow the business. The company continues to expand its product offerings and has ambitious plans to expand to 10 cities by the end of the fiscal year.
Founded by former Paytm executives Nitin Misra and Deepak Abbot, 1-year-old India gold is known for offering gold loans and secure gold vault services, allowing users to purchase gold coins through apps and websites. India Gold’s efforts were exemplary as the pandemic led to an unprecedented surge in jewelry loans.
“India offers a large $650 billion addressable gold lending market that is highly fragmented and now dominated by informal segments,” Abbott and Misra said in a statement. mention. “Even the formal segment has not adopted large-scale digital methods. India Gold’s range of financial products fills this critical needs gap…”
India Gold claims that India’s gold lending business remains largely offline and the fact that the casual segment accounts for 70% of gold lending provides a quick, secure and easy solution to monetize certain gold. It highlights the need for start-ups. The need for credit.
This is perfect for India Gold, which comes as Indians get more and more involved in the investment world.
“We are proud to see it as a reaffirmation of the inherent strength of our value proposition, with the backing of leading growth investors. Existing and new investors. With the support of, we are actively moving towards a broader vision of establishing gold holdings as an alternative credit score and creating a gold back credit platform for lenders to credit gold immediately. “Masu,” Misra and Abbot added. With a strong technology stack, AI-based gold valuation capabilities, and superior customer focus, it offers faster gold release and transparent refund policies.
“India Gold’s unique gold loans and gold locker products not only provide an unparalleled customer experience but also enable us to offer credit at a more affordable price. India Gold in a short time. The traction we saw is a testament to its excellent product capabilities and the deep experience of its pedigree founder. Falcon Edge Capital co-founder Nabros D. Udwadia said in a statement that the gold bond market was in turmoil. We believe we are on the line and are excited to help the founders of India Gold.
India gold raises $12 million for gold-based digital lending platform