Gold loan startup Yellow Metal raises $3 Mn in a Seed I round led by MSA Capital
- ByStartupStory | December 7, 2022
Gold loan startup Yellow Metal has raised Rs 24.83 crore or a little over $3 million in a Seed I round led by MSA Capital. With this, the Bengaluru-based company has marked its first funding round in 2022.
The board at Yellow Metal has passed a special resolution to issue 1 equity share and 3,662 Seed I compulsory convertible preference shares (CCPS) at an issue price of Rs 67,773 per share to raise Rs 24.83 crore or $3.02 million, as per regulatory filings with the Registrar of Companies (RoC).
MSA Capital led the financing round with Rs 9.92 crore followed by WaterBridge Ventures and Spiral Ventures which infused Rs 7.20 crore and Rs 6.20 crore respectively. LetsVenture via LV Angel Fund and Java Capital via Csquare Venture Partners Fund also joined the round and invested Rs 80 lakh and Rs 70 lakh respectively. In November, the company also passed a special resolution to create an employee stock option pool (ESOP) under the employee stock option scheme 2022 with 1,465 stock options convertible into the same number of equity shares. According to Fintrackr’s analysis, their ESOP pool is worth around Rs 10 crore.
As per Fintrackr’s estimates, the company has been valued at around Rs 125 crore or $15 million (post-money). The company has raised around $3.53 million to date including its Seed round of $514K in October 2021. Founded in 2020 by Rahul and Nikhil Boggaram, Yellow Metal enables rural India with a simple gold loan in 30 minutes at their doorstep at zero processing fees and an interest rate ranging from 0.79% to 1.75% per month.
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