Total amount raised
$23.8 Millions
Latest funding date
9/1/2022
Location
indiagold has successfully raised funding through multiple rounds, with notable investors including 3one4 Capital and PayU GPO. The platform offers gold loans with competitive interest rates, emphasizing quick disbursal and minimal documentation requirements.
Keep reading to explore the intricacies of indiagold's fundraising journey and the investors backing this innovative platform.
What Is indiagold?
Founded in 2020, indiagold is based in Gurgaon, Haryana, India. The company was established by Deepak Abbot and Nitin Misra, who aimed to revolutionize the gold loan market.
indiagold offers a range of services including gold loans, digital gold transactions, and secure gold locker services. Their platform is designed to provide quick disbursal and minimal documentation, making it easier for customers to access credit.
With a team of 101-250 employees, indiagold combines advanced algorithms and app-based operations to drive efficiency and meet the credit needs of its users.
How Much Funding Has indiagold Raised?
- Seed Round
- Amount Raised: $1.8M
- Date: February 2021
- Lead Investors: Leo Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the platform and expand initial operations.
- Series A
- Amount Raised: $12M
- Date: August 2021
- Lead Investors: Alpha Wave Incubation, PayU GPO
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technological capabilities.
- Series A Extension
- Amount Raised: $10M
- Date: September 2022
- Lead Investors: Alphawave Group
- Valuation at Round: $100M
- Motivation Behind the Round: To capitalize on the growing market for gold loans and expand services.
Total Amount Raised: $23.8M. Current Valuation: $100M.
Key Investors
- Alphawave Group
- Details: Alphawave Group is a prominent investment firm known for its focus on high-growth technology companies. They have a strong presence in the fintech sector.
- Investment Focus Areas: Technology, fintech, high-growth startups.
- Notable Investments: Not publicly disclosed.
- Alpha Wave Incubation
- Details: Alpha Wave Incubation is a venture capital firm that supports early-stage companies with a focus on innovation and technology. They are known for their strategic investments in emerging markets.
- Investment Focus Areas: Technology, innovation, early-stage startups.
- Notable Investments: Not publicly disclosed.
- PayU GPO
- Details: PayU GPO is a global fintech company that provides payment technology solutions to online merchants. They are part of the Naspers Group and have a significant presence in emerging markets.
- Investment Focus Areas: Fintech, payment solutions, e-commerce.
- Notable Investments: Not publicly disclosed.
- Leo Capital
- Details: Leo Capital is an early-stage venture capital firm that invests in technology-driven startups. They focus on companies that have the potential to disrupt traditional industries.
- Investment Focus Areas: Technology, early-stage startups, disruptive innovations.
- Notable Investments: Not publicly disclosed.
- 3one4 Capital
- Details: 3one4 Capital is a venture capital firm that invests in early-stage companies across various sectors. They are known for their hands-on approach and strategic support to portfolio companies.
- Investment Focus Areas: Fintech, technology, early-stage startups.
- Notable Investments: Not publicly disclosed.
What's Next for indiagold?
With India's gold loan market projected to grow to $62.8 billion by 2022, indiagold is poised to capitalize on this expanding opportunity. The company plans to extend its services beyond the current 12 cities, leveraging partnerships with local NBFCs to reach a broader customer base. This growth potential could attract further investment, building on the positive response to their recent $10 million funding round.
However, indiagold may face challenges such as market volatility affecting gold prices and competition from traditional banks and other fintech companies. Navigating regulatory hurdles in the financial sector will also be crucial as they continue to innovate and expand their offerings.
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