Fintech startup IndiaGold has closed its Series A funding round at $22 million. It saw participation from investors such as Alpha Wave, 3one4 Capital, PayU, Leo Capital, Better Tomorrow Ventures, and Rainmatter Capital, among others.

The Series A round took place in two tranches—the first fundraise of $12 million was in July 2021, and in August 2022, the startup raised $10 million.

Indiagold provides instant gold loans and secure gold locker services across India. The fintech startup is building a platform to enable efficient and responsible monetisation of household assets by connecting customers and financial service providers

It was launched in 2020 by founders Deepak Abbot and Nitin Misra, who have experience in creating and leading financial products for Paytm.

Indiagold enables customers to build their savings by allowing the purchase of digital gold for as low as Rs 1, and storing it in insured cloud lockers. It also allows

Customers can save money with indiagold by purchasing digital gold for as little as Rs 1 and storing it in insured cloud lockers. Customers can also convert their digital gold balance to 24k gold coins and have them delivered to their door.

In May, the startup also launched weekend doorstep gold loans.

For gold loan application and processing, Indiagold follows a three-step process. A potential borrower can schedule an appointment with a loan manager from the comfort of their own home. The manager then pays a visit to the borrower’s home to discuss suitable schemes and complete formalities digitally.

Customers can save money with Indiagold by purchasing digital gold for as little as Rs 1 and storing it in insured cloud lockers. Customers can also convert their digital gold balance to 24k gold coins and have them delivered to their door.

In May, the startup also launched weekend doorstep gold loans.

For gold loan application and processing, indiagold follows a three-step process. A potential borrower can schedule an appointment with a loan manager from the comfort of their own home. The manager then pays a visit to the borrower’s home to discuss suitable schemes and complete formalities digitally.

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