Fintech startup indiagold closes $22M Series A funding
Fintech startup has closed its $22 million Series A funding round. It saw participation from investors such as Alpha Wave, 3one4 Capital, PayU, Leo Capital, Better Tomorrow Ventures and Rainmatter Capital, among others.
The Series A round took place in two tranches – the first fundraising of $12 million was in July 2021, and in August 2022 the startup raised $10 million.
We are grateful that our existing investors have doubled their investment in indiagold, especially in the current environment; shows their faith in our ability to run and scale the business responsibly,” said co-founder Nitin Mishra Your story.
indiagold provides instant gold loans and secure gold locker services across India. The fintech startup is building a platform to enable efficient and responsible monetization of household funds by connecting customers and financial service providers
It was launched in 2020 by founders Deepak Abbott and Nitin Misrawho has experience in creating and managing financial products for Paytm.
indiagold enables customers to build their savings by allowing purchase of digital gold for as low as Re 1 and storing it in insured cloud lockers. It also allows customers to convert their digital gold balance into 24k gold coins and have them delivered to their doorstep.
In May, the startup also introduced doorstep gold loans on weekends.
indiagold follows a three-step process for applying for and processing gold loans. The potential borrower can book an appointment with a loan officer from home. The manager then visits the borrower’s house to inform them about suitable arrangements and complete formalities digitally. The gold is then collected and the loan processed.
Indiagold is currently available in 12 cities including Delhi, Mumbai, Chennai, Hyderabad, Pune, Surat, Indore, Visakhapatnam, Gurugram, Noida, Faridabad and Ghaziabad and aims to expand its reach to 25 cities by the end of this financial period.
The startup was launched to close the gap with the inconvenience of physical gold loan approval by offering convenience, security, privacy and digitization of end-to-end loans. The digital lender said it saw a 10X growth in AUM and 21X growth in revenue in FY2022.