The funding featured lots of investors including Alpha Wave, 3one4 Capital, PayU, Leo Capital, Better Tomorrow Ventures, and Rainmatter Capital, and many more.
IndiaGold, a fintech startup has raised $22 million in its latest Series A funding round. The funding featured investors including Alpha Wave, 3one4 Capital, PayU, Leo Capital, Better Tomorrow Ventures, and Rainmatter Capital, and many more. The $22 million funding came in two portions starting with the $12 million that was secured in July 2021, and now the most recent $10 million which was raised in August, 2022.
In a statement by Nitin Mishra, the company’s cofounder, Mishra underscored the faith and confidence investors had in the company’s ability to scale the business responsibly which has been made manifest in the funding. In Mishra’s word:
“we are grateful that our existing investors have doubled down on their investment in Indiagold, especially in the current environment.”
Indiagold is a provider of gold loans and gold locker security in India. The platform is creating a system to efficiently and responsibly monetize household assets by bringing customers and financial service providers together. The FinTech startup was cofounded by Depak Abbot and Nitin Mishra in 2020. The company’s cofounders have previously garnered quality experience with Patym where they created and managed financial products.
Indiagold adopts a simple mechanism to ensure customers convenience. Its customers can grow their savings through buying digital gold starting from Re 1, this is then stored in insured cloud lockers. Indiagold customers can also exchange their digital gold valance for 24k gold coins which can be delivered to them directly.
Since May 2022, Indiagold started providing doorstep gold loans on weekends. Applying for gold loans at Indiagold is processed in three phases. Firstly applicants secure an appointment with the loan manager from home, next the loan Manager visits the applicant at home to explain what the process entails and also take care of the digital formalities required. Lastly the said gold is collected as the gold loan is processed.
Indiagold was launched to ease the inconvenience associated with physical loan approvals. The startup is remedying this by offering doorstep convenience, privacy, security, a d the digitization of end-to-end borrowing. So far Indiagold has recorded 10X growth in AUM and 21X growth in its revenues in the current fiscal year.
Cities where Indiagold is available presently includes Chennai, Delhi, Hyderabad, Mumbai, Pune, Gurugram, Ghaziabad, Visakhapatnam, Faridabad, Indore, Surat, and Noida (12 cities in total). The plan is to expand and cover about 25 cities before the next fiscal year
As originally reported in (https://yourstory.com/2022/11/indiagold-series-a-funding-alpha-wave-3one4-capital-payu-rainmatter)