Indiagold, a fintech firm, completed its $10 million Series A fundraising round. Existing investors such as Alpha Wave, 3one4 Capital, PayU, and Leo Capital participated in the round. The startup offers services for things like digital gold and gold loans.
Series A began in July 2021, with the startup raising $12 million in the initial round. The round was led by Alpha Wave, which invested INR 38.76 crore, and was followed by 3one4 Capital, which invested INR 19.38 crore. The total funding of the Series A round stands at $22 million. The most recent funding was an extension of it.
PayU Fintech Investment and Leo Capital also participated, each investing INR 11.62 crore and INR 7.75 crore. According to media reports, India Gold’s board of directors approved a special resolution to issue 5,323 series A1 compulsory convertible preference shares (CCPS) at an issue price of INR 1,45,600 per share, to raise INR 77.5 crore, or nearly $10 million.
Nitin Mishra, a co-founder, said, “We are happy that our existing investors have increased their investment in indiagold, especially in the current environment, demonstrating their faith in our capacity to run and develop the firm responsibly.
Indiagold enables its customers to grow their savings
Deepak Abbot and Nitin Mishra, both former Paytm executives, founded the company. India Gold has a locker service that offers loans for both physical and digital gold. Customers can also purchase insurance coverage for their lockers.
Customers can build their savings by purchasing digital gold for as little as Re 1 and storing it in insured cloud lockers, which the startup provides. Customers can also convert their digital gold balance to 24k gold coins and deliver them to their door.
The business presently offers services in 12 cities, including Delhi, Mumbai, Chennai, Hyderabad, Pune, Surat, Indore, Visakhapatnam, Gurugram, Noida, Faridabad, and Ghaziabad. By the end of this fiscal year, the startup hopes to expand to 25 cities.
Indiagold offers doorstep convenience, security, and privacy in addition to digitizing end-to-end borrowing to close the gap created by the inconvenience of physical gold loan approval. The online lender reported a 10X increase in AUM and a 21X increase in income in FY2022.
