Indiagold提高Mn资金共同通过PayU 12美元nd Alpha Wave Incubation fundThe company will use the funds to scale the business and roll out operations nationally
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Indiagold--a gold-focused digital alternative credit platform--announced on Friday that it has agreed to raise $12 million in funding. PayU, the payments, and fintech business of Prosus, and Alpha Wave Incubation (AWI) fund, which is backed by DisruptAD and managed by Falcon Edge Capital, will lead the investment round with participation from Better Tomorrow Ventures, 3one4 Capital, Rainmatter Capital, and existing investor, Leo Capital.
"India offers a large $650 billion addressable gold loan market which is highly fragmented and currently dominated by the informal segment. Even the formal segment hasn't adopted digital practices at scale. indiagold's suite of financial products bridges this critical need gap by digitally transforming lending against gold. We are proud to have the backing of industry-leading growth investors and take it as a reaffirmation of the inherent strength of our value proposition. With the support of our existing and new investors, we are moving aggressively towards our larger vision of establishing gold holdings as an alternate credit score, and creating a gold back credit platform for lenders to provide instant credit against gold," said Nitin Misra and Deepak Abbot, co-founders, indiagold, in a collective statement.
Launched in 2020,Indiagoldoffers gold-backed loans, gold savings, and gold locker services to over a million consumers in India. The company is building an innovative doorstep gold loan business that is powered by a robust technology stack, AI-based gold assessment capabilities, and superior customer-centricity – offering faster gold release and a transparent repayment policy. indiagold's Gold Locker is a locker service that completely reinvents locker services to make them more secure, transparent, and convenient
"Empowering disruptive fintech entrepreneurs through early-stage investments is a key element of PayU's growth strategy. By supporting businesses that complement our existing portfolio, we aim to achieve our vision of developing a fintech ecosystem that will meet the financial services needs of millions of Indians. We are very impressed with Deepak and Nitin's proven record of developing financial products at scale and have faith in their ability to build a profitable business. We believe that indiagold has the unique opportunity to expand the addressable market on the back of its product offerings and scale the business up significantly. PayU is excited to partner with indiagold in its journey to digitally transform lending against gold," explained Vijay Agicha, global head of strategy and growth, PayU.
The gold financing business in India is predominantly offline, dominated by the informal segment, which accounts for 70 per cent of gold loans in India. These loans address the liquidity needs of Indians without access to unsecured credit which is availed by less than 10 per cent of the total working population.
"We are impressed by indiagold's vision and its proprietary technology to solve critical pain points plaguing the gold loan industry in India. Gold, found in almost every household in India, is the key to provide affordable credit to every Indian. indiagold's unique doorstep gold loan and gold locker products not only offer unparalleled customer experience but also enable it to offer credit at more affordable rates. The traction indiagold has seen in a short time is a testament to its superior product capabilities and the deep experience of its pedigreed founders. We believe the gold loan market is ripe for disruption and are thrilled to back indiagold's founders," added Navroz D. Udwadia, co-founder, Falcon Edge Capital.
The COVID-19 pandemic has accelerated the demand for short-term, low-cost, safe, and easily accessible formal credit options like digital gold loans. In response to the Indian consumer's strong affinity for gold, indiagold offers fast, safe, and convenient solutions to monetize household gold to meet specific credit needs, and is emerging as a trustworthy alternative to India's unorganized gold loan market, the company claims.
