Bengaluru-based fintech startup Plus Gold has secured $1.2 million (approximately INR 10 crore) in a seed funding round led by JITO Incubation And Innovation Foundation. The funding also saw participation from Venture Catalysts and The Signal Group’s investment arm, Signal Ventures. Notably, celebrities and entrepreneurs, including Sonakshi Sinha, GIVA founder Sachin Shetty, and ACKO CEO Varun Dua, also contributed to the fundraise.
Founded in 2023 by Raj Parakh and Veer Mishra, Plus Gold offers a platform for gold investments through Systematic Investment Plans (SIPs) or one-time transactions. The startup aims to simplify gold investment, addressing traditional barriers such as storage, purity assurance, and liquidity issues.
Enhancing User Experience and Security
The freshly raised capital will be strategically deployed to achieve the following objectives:
Technological Infrastructure: Plus Gold plans to enhance its tech infrastructure, ensuring a seamless user experience for investors.
Security Measures: Strengthening security protocols is a priority, safeguarding users’ investments and data.
AI-Driven Investment Advisory Features: The startup aims to develop AI-powered tools that provide personalized investment advice to users.
Unique Offering: Convert Digital Gold to Physical Jewellery
One of Plus Gold’s standout features is its ability to allow users to redeem their digital gold investments as physical jewellery at any time. By bridging the gap between digital and tangible assets, the platform provides flexibility and convenience.
Competitive Landscape
While Plus Gold operates in a crowded market, it distinguishes itself by focusing on user experience, security, and the unique redemption option. Other players in the online gold investment segment include PayU, Indfiagold (backed by Alpha Wave), Rupeek, Oro Money, and Jar (invested by Tiger Global). Additionally, large fintech platforms like PhonePe have also introduced gold buying options within their apps.
With this funding boost, Plus Gold is poised to continue its growth trajectory, empowering users to invest in gold with confidence and convenience.
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