Oro Money Secures $12.5 Million in Funding from New and Existing Investors

• ByStartupStory     |    October 13, 2023

Chennai-based fintech startup, Oro Money, has successfully raised approximately $12.5 million in funding from a diverse group of investors, including both existing and new backers. In this latest funding round, Oro Money issued 7,916 preference shares, each valued at Rs 1,32,633, according to media reports.

Notable among the new investors are Singularity Ventures and Three State Capital, contributing Rs 28 crore and Rs 16 crore, respectively. Existing investors PI Opportunities Fund and 021 Capital also increased their support with investments of Rs 24 crore and Rs 12 crore, respectively. Additionally, individual investors, Mithun Sacheti, Co-founder and ex-CEO of Caratlane, and Siddhartha Sacheti, creative director, and CEO of Jaipur Gems, each participated with investments of Rs 12.5 crore.

Following this funding round, 021 Capital now holds an 11% stake in Oro Money. Premji Invest, Singularity Growth, and Three State Capital also secured stakes of 10.5%, 7.3%, and 4.2%, respectively.

Oro Money’s innovative platform empowers users to unlock the value of their gold assets by connecting them with financial institutions, providing precise information about the worth of their gold holdings. The platform is currently operational in several Indian cities, including Chennai, Bengaluru, Hyderabad, Pune, and Vijayawada.

Oro Money competes in the gold loan market alongside companies like Ruptok, Rupeek, and Indiagold. The gold loan sector in India is experiencing substantial growth, with assets under management (AUM) for gold loan non-banking financial companies (NBFCs) surging to Rs 2,197,00 crore in 2023, up from Rs 1,568,00 crore in 2022, according to Staista.

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This funding round marks Oro Money’s first fundraising endeavor this year, bringing the total funds raised by the Chennai-based startup to date to $17 million.

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