The Bengaluru-based startup will deploy the fresh proceeds to boost its technological infrastructure, improving user experience, strengthen security measures and develop AI-driven investment advisory features
Besides, it plans to expand its team across technology and customer service verticals
Founded by Raj Parakh and Veer Mishra in 2023, Plus Gold provides a platform for making investments in gold through systematic investment plans (SIPs) or one time transactions
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Fintech platform Plus Gold has raised $1.2 Mn (around INR 10 Cr) in a seed funding round led by JITO Incubation And Innovation Foundation, along with participation from Venture Catalysts and The Signal Group’s investment arm Signal Ventures.
Celebrities and entrepreneurs, including Sonakshi Sinha, GIVA founder Sachin Shetty and ACKO CEO Varun Dua also took part in the fundraise.
The Bengaluru-based startup will deploy the fresh proceeds to boost its technological infrastructure, improving user experience, strengthen security measures and develop AI-driven investment advisory features.
Besides, it plans to expand its team across technology and customer service verticals.
Founded by Raj Parakh and Veer Mishra in 2023, Plus Gold provides a platform for making investments in gold through systematic investment plans (SIPs) or one time transactions.
“The funds will be instrumental in accelerating our growth trajectory, allowing us to refine our technology, expand our user base, and introduce innovative features. Our goal is to make gold investment as easy and accessible as using a smartphone app, while still honoring the deep cultural significance of gold in India,” said Mishra.
Venture Catalysts’ founder and MD Apoorva Ranjan Sharma, said, “By seamlessly blending the cultural importance of gold with cutting-edge technology, Plus Gold is not just tapping into a market – it’s reshaping it. The platform’s unique feature allowing users to convert digital investments into physical jewellery addresses a crucial gap in the market. With India’s gold market estimated at $80 Bn, we believe Plus Gold is exceptionally well-positioned to capture a substantial share.”
Till date, the startup has raised INR 7 Cr in total funding. It counts the likes of US bank Wells Fargo & Company (WFC), Card91 cofounder Vineet Saxena, Amazon Pay head Vijay Rajagopal and others among its investors.
It competes against Paytm, Groww, DigiGold, Jupiter Money and others in the golf investment segment.
With the increasing adoption of fintech platforms and growing awareness of gold as an investment option, the Gold loans market is expected to reach $150 Bn by the end of 2030 with a CAGR of 5.96% during the forecast period 2024-2030.
However, on the investment front, the Indian startup ecosystem is reeling under the impact of the ongoing funding winter. The fintech sector has also not remained unaffected by this.
Despite this, the fintech sector continues to be a lucrative opportunity for investors, as the country’s fintech market is expected to reach a size of $2.1 Tn by 2030.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.