Startups

How GoldPe is Reinventing Savings with Excitement and Innovation

• ByStartupStory     |    August 29, 2023

Technology and digital payments have made the process of saving our money a simpler one. But yet today, many Indians avoid savings because of various reasons. One common reason is the perception of savings being unappealing..

It’s the exact pressing issue two enterprising individuals, Parth Shah and Yaagni Raolji, look to solve with GoldPe. Armed with their unique backgrounds and a shared vision, they embarked on a journey to create GoldPe, a startup aiming to revolutionize the way the younger generation perceives and engages with saving money.

The Craft & Diverse Expertise That Built It

The journey of GoldPe began with a powerful idea – to make savings exciting, engaging, and rewarding for young Indians. The founders recognized that traditional savings products failed to resonate with the younger demographic, leading them to explore ways to merge the thrill of games with the discipline of savings. This realization was cemented when they noticed the popularity of Real Money Games in India. Players were attracted by the prospect of winning big, and this psychological appeal became the cornerstone of GoldPe‘s concept – Introducing a Prize Linked Savings App for India.

Parth Shah brought a blend of skills to the table. An MBA dropout and computer engineer by education, he had gained valuable experience working at fintech startups. Prior to co- founding GoldPe, Parth worked as a Product Manager at Signzy, managing their API suite of products. On the other hand, Yaagni Raolji transitioned from being a computer engineer to a consultant, spending over two years at Mastek as an Oracle payroll specialist, where he
implemented cloud solutions for large multinational companies in the UK.

Embracing Global Inspiration

Prize-linked savings isn’t a novel concept; it has found successful implementations across various countries for a considerable period. To illustrate, when Parth was growing up in Kuwait, banks like Gulf Bank held enduring and popular draws, like the Al-Danah, providing depositors an opportunity to vie for one million Kuwaiti Dinars—equivalent to around $3.5 million USD. Likewise, in the United Kingdom, more than 23 million individuals participate in Premium Bonds, a government-sponsored program offering chances to win substantial prizes,
including £1 million.

Drawing inspiration from successful models in other countries like Kuwait and the UK, where prize-linked savings were embraced by the public, Parth and Yaagni decided to introduce this innovative concept to the Indian market. With the launch of GoldPe in mid-April 2023, they provided a mobile app that allowed users to save in digital gold. The unique twist? Every saving contributed earned the user tickets for a weekly draw, where exciting prizes awaited. The more users saved, the more tickets they received, increasing their chances of winning.

Merging Savings with Gamification

Unlike traditional savings platforms, GoldPe’s approach of merging savings with gamification immediately set it apart. Users could earn 10 tickets for saving a minimum of Rs 100, with the potential to win prizes ranging from Rs 1 to a whopping Rs 10 lakh. The engagement was further amplified by revealing one winning number daily from Monday to Saturday, intensifying the excitement. Despite being a small and focused team of five, GoldPe made significant strides in a short span. The startup witnessed remarkable growth, with a 3x increase in users month over
month, crossing 100,000 downloads. Over 70% of these users came in through referrals, reflecting the product’s strong pull across India. The concept of Prize-Linked Savings resonated with the audience, with over 18,000 unique users winning in the weekly draws.

Disrupting Traditional Savings

In a market saturated with conventional savings apps, GoldPe’s approach stood out as a disruptive force. The startup acknowledged that the modern generation sought more than just a user-friendly UI – they craved an experience that aligned with their values and desires. GoldPe was not just simplifying savings; it was making it fun, engaging, and rewarding.

Vision Beyond Gold

Looking ahead, GoldPe’s vision extends beyond digital gold savings. The founders intend to diversify their Prize-Linked Savings concept to include other financial instruments such as fixed deposits, bonds, mutual funds, and more. With an eye on expansion, the startup is actively raising funds to enhance their marketing efforts and product offerings. The story of GoldPe exemplifies how innovation and vision can transform traditional industries. Parth Shah and Yaagni Raolji’s journey from recognizing a need to creating a solution that empowers and excites young Indians is an inspiring narrative of entrepreneurship in the digital age. As GoldPe continues to evolve and expand, it’s poised to redefine how people interact with their finances, one exciting savings ticket at a time.

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