Fintech startup indiagold closes Series A funding at $22M
The financing saw participation from investors such as Alpha Wave, 3one4 Capital, PayU, Leo Capital, Better Tomorrow Ventures, and Rainmatter Capital, among others.
Fintech startuphas closed its Series A funding round at $22 million. It saw participation from investors such as Alpha Wave, 3one4 Capital, PayU, Leo Capital, Better Tomorrow Ventures, and Rainmatter Capital, among others.
The Series A round took place in two tranches—the first fundraise of $12 million was in July 2021, and in August 2022, the startup raised $10 million.
We are grateful that our existing investors have doubled down on their investment in indiagold, especially in the current environment; exhibiting their faith in our ability to run and scale the business responsibly,” co-founder Nitin Mishra told YourStory.
indiagold provides instant gold loans and secure gold locker services across India. The fintech startup is building a platform to enable efficient and responsible monetisation of household assets by connecting customers and financial service providers
It was launched in 2020 by founders Deepak Abbot and Nitin Misra, who have experience in creating and leading financial products for Paytm.
indiagold enables customers to build their savings by allowing the purchase of digital gold for as low as Re 1, and storing it in insured cloud lockers. It also allows customers to convert their digital gold balance to 24k gold coins and have them delivered to their doorstep.
In May, the startup also introduced doorstep gold loans on weekends.
indiagold follows a three-step process for gold loan application and processing. The potential borrower can book an appointment with a loan manager from home. The manager then visits the borrower’s house to apprise them of suitable schemes and complete formalities digitally. The gold is then collected and the loan is processed.
indiagold is currently available in 12 cities, including Delhi, Mumbai, Chennai, Hyderabad, Pune, Surat, Indore, Visakhapatnam, Gurugram, Noida, Faridabad, and Ghaziabad, and aims to extend its reach to 25 cities by the end of this fiscal.
The startup was launched to plug the gap of the inconvenience of physical gold loan approval by providing doorstep convenience, security, privacy, and digitising end-to-end borrowing. The digital lender said it witnessed a 10X growth in AUM and 21X growth in revenues in FY2022.
Edited by Kanishk Singh