VC Fund Investments
Gold loan provider Oro Money raises $12.5 M
Chennai-based gold loan platform Oro Money has raised INR 105 crore (about USD 12.5 million) from new and existing investors. This is the first round of financing for the startup this year. Oro Money issued 7,916 preference shares at an issue price of INR 1,32,633 each to raise INR 105 crore. New investors Singularity Ventures and Three State Capital invested INR 28 crore and INR 16 crore in the round while existing investors PI Opportunities Fund and 021 Capital put in INR 24 crore and INR 12 crore respectively. PI Opportunities Fund is an affiliate of Premji Invest while Three State Capital is the venture capital fund of Flipkart co-founder Binny Bansal. Two existing individual investors including Caratlane's co-founder Mithun Sacheti and Siddhartha Sacheti (CEO of Jaipur Gems) also participated in the funding round with INR 12.5 crore each. The company has raised USD 17 million to date and has been valued at around USD 47 million post allotment of the new round. Following the fresh proceeds, O21 Capital holds 11% whereas Premji Invest, Singularity Growth, and Three State Capital own 10.5%, 7.3%, and 4.2% stake in Oro Money. Oro Money provides gold loans at an interest rate of 9.48%. Currently, it is present in Chennai, Bengaluru, Hyderabad, Pune, and Vijayawada and plans to enter Coimbatore and Delhi soon. Oro Money remained in the pre-revenue stage during FY22 with a loss of INR 6.46 crore.
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