Indiagold, a fintech firm, secures $22 million in Series A funding
- ByStartupStory | November 24, 2022
IndiaGold, a fintech firm, has completed its $22 million Series A fundraising round. Investors like Alpha Wave, 3One4 Capital, PayU, Leo Capital, Better Tomorrow Ventures, and Rainmatter Capital, among others, participated in it. The firm raised $10 million in August 2022 after raising $12 million in the first tranche of the Series A round in July 2021.
“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 said. IndiaGold offers secure gold locker services and quick gold loans throughout the country. The fintech company is creating a platform that will connect clients and financial service providers, allowing for the efficient and responsible monetization of home assets.
Deepak Abbot and Nitin Misra, the company’s founders, who have prior expertise in developing and overseeing financial products for Paytm, founded it in 2020. IndiaGold assists people in increasing their savings by allowing them to purchase digital gold for as little as Rs 1 and store it in secure cloud lockers. Additionally, users can have 24-karat gold coins delivered to their homes by converting their digital gold balance to those coins.
The business also started offering doorstep gold loans on the weekends in May. For the application and processing of gold loans, IndiaGold uses a three-step procedure. An appointment with a loan manager can be scheduled online by the prospective borrower. The manager then pays a visit to the borrower’s home to discuss appropriate plans and finish the necessary paperwork electronically. Following the collection of the gold, the loan is processed.
At the moment, IndiaGold is accessible in 12 cities, including Delhi, Mumbai, Chennai, Hyderabad, Pune, Surat, Indore, Visakhapatnam, Gurugram, Noida, Faridabad, and Ghaziabad. By the end of this fiscal year, the company hopes to expand to 25 cities. By offering doorstep convenience, security, and privacy, as well as digitizing end-to-end borrowing, the firm was established to fill the vacuum created by the hassle of physical gold loan approval. The online lender said that in FY2022, its revenues and AUM both increased by a factor of 10 and 21, respectively.
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