- Indiagold announced today that the fund, supported by DisruptAD and managed by Falcon Edge Capital, has been raised at $12 million through PayU.
- It will make use of the money to expand the enterprise and implement nationwide operations.
- Founded in 2020, the business provides more than 1 million Indian clients with gold-backed loans, gold savings, and gold locker.
- The firm builds a strong technological stack, gold appraisals, and superior client-centered lending – delivering speedier gold releases and a clear reimbursement policy.
Indiagold is a gold-based digital alternative lending platform, announced today that it raised a $12 million funding. The platform was supported by the DisruptAD and managed by Falcon Edge Capital, and raised the funds through PayU Payments, and the fintech subsidiary of prosus and Alpha Wave Incubation Fund. In addition, Leo Capital will join in the round of Better Tomorrow Ventures, 3one4 Capital, RainmatterCapital, and current investor.
It will make use of the money to expand the enterprise and implement nationwide operations. “India has a big $650 billion potential gold loan market that is very fragmented and currently controlled by the informal segment,” said Nitin Misra and Deepak Abbot, co-founders of Indiagold in a statement by the business. Even in the official sector digital processes have not been implemented on a level. This crucial needs gap is bridged by Indiagold’s financial products suite by digitally converting gold loans.
They are glad to support and view it as a confirmation of our underlying strength in our value offering by sector-leading growth investors. They are actively pushing towards their broader objective of establishing gold holdings as an alternative credit value with their backing from existing and new investors and building a gold-backed credit platform enabling lenders to deliver gold credit immediately.
Founded in 2020, the business provides more than 1 million Indian clients with gold-backed loans, gold savings, and gold locker. Deepak Abbot and Nitin Misra’s founders have solid experience in the creation and management of some of India’s most successful Paytm financial products.
Services offered by indiagold
Instant gold loans and safe Gold Locker services are supplied by more than 8 Lakh clients in Delhi NCR and Indore. Your gold loan and locker will be accessible shortly throughout India. 24k digital gold and gold coins may also be purchased on your application. You may obtain gold loans at the lowest interest rate of 0.85%/month (10.2% P.A.) or you can change your existing gold loan.
“The empowerment of financially disruptive entrepreneurs through early-stage financing is an essential part of PayU’s development strategy,” stated Vijay Agicha, Global Head of Strategy & Growth, PayU. By backing firms that complement our current portfolios, we seek to build a Fintech ecosystem that meets the requirements of millions of Indians for financial services.”
They are highly pleased by the demonstrated experience of Deepak and Nitin creating financial products in scale and trust their capacity to establish a profitable enterprise. Indiagold, you feel, has the unique chance of expanding the addressable market behind its products and considerably expanding the business. PayU is looking forward to a partnership with Indiagold to change gold lending online.
The firm builds a strong technological stack, gold appraisals, and superior client-centered lending – delivering speedier gold releases and a clear reimbursement policy. The Gold Lending business is built in the new doorways. Gold Locker is India’s first locker, reinventing locker services in their entirety to make them safer, transparent, and more convenient.
“We are pleased with the vision and patented technology of Indiagold for resolving major painful points afflicting India’s gold loan sector,” says Navroz D. Udwadia, Falcon Edge Capital co-founder. Gold, present in nearly every Indian family, is the key to giving every Indian an inexpensive loan.
The innovative gold-loan and gold locker products on Indiagold doorstep not only provide exceptional client experience but also enable it to provide credit at a lower price. The traction Indiagold showed its excellent production capacity and profound experience of its pedigreed founders in a short period.