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February 1, 2023
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Techno

Gold loan platform Indiagold has raised $10 million

Gold loan platform Indiagold has raised an additional $10 million as part of its extended Series A round from PayU, Alpha Wave, 3one4 Capital, and Leo Capital.

The company had raised $12 million previously from the same set of investors, as part of its Series A, in August 2021.

According to Indiagold, it will use the fresh infusion for expansion into newer cities, marketing efforts as well as hiring more talent.

It currently has a presence in 12 cities and will look to expand to another five over the next 12 months.

Founded in 2020 by former Paytm executives Deepak Abbot and Nitin Misra, the platform offers loans against gold, digital gold, and also locker services to park gold jewelry.

The company had previously raised $1.9 million in February last year from Leo Capital and angel investors, including Cred founder Kunal Shah.

Currently, loans against gold constitute almost 90% of Indiagold’s revenues, Abbot said. He added that the company is looking to be operationally profitable by FY24.

 

Read more on Tech Gist Africa:

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India’s Supply chain finance startup, CashFlo raises $8.7M

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