Private Equity

VC Fund Investments

Gold-based lending platform Indiagold raises $12-M from AWI, PayU, others

Economic Times  

New Delhi-based Indiagold, a gold-based lending platform started by two former Paytm executives, has raised USD 12 million in fresh funding to make the most of the pandemic-induced surge in loans against jewellery. PayU, the financial technology arm of Prosus NV, and Alpha Wave Incubation led the fundraising, which also saw the participation of Better Tomorrow Ventures, 3one4 Capital and Rainmatter Capital as well as existing investor Leo Capital. The funds will be used for expanding operations across the country in the next two years. Founded in 2020 by Nitin Misra and Deepak Abbot, Indiagold gives customers the option to store gold in lockers at much cheaper rates than traditional banks. The company also offers a credit line for the deposited gold.