segment – Wealth B2C Digitizing gold loans and lockers.
https://indiagold.co/gold-loan
About
Company founded in july 2020 by Deepak Abbot and Nitin Misra in gurgaon, haryana. legal name of comapny is flat white capital pvt. ltd., goal of company is to empowering india to meet its credit and investment needs using its favourite asset, gold.
Company provides gold loan and locker services intended to support in meeting the savings, consumption & credit needs using gold, the company offers insured locker systems with real-time tracking and a free doorstep pick & drop facility and also provides instant loans against the gold at lower rates and minimal documentation, enabling customers to have a convenient and secure way to deposit their gold avail loan against the same.
Company has raised a total of $23.8M in funding over 4 rounds, their latest funding was raised on Sep 9, 2022 from a Series A round, indiagold is funded by 17 investors, 3one4 Capital and PayU are the most recent investors.
Key staff
Deepak Abbot, Co-Founder – he was previously worked as a sr. vice president product at paytm, also was worked at getmartapp.com as a chief operating officer, he was head of growth at paytm, also worked at zapak digital entertainment ltd. as a GM and worked as a senior consultant at satyam computers. http://www.linkedin.com/in/dabbot/
Nitin Misra (Co-Founder) – he was previously worked as a senior vice president & business heat at paytm, he was GM- Content & services, India at Samsung Electronics (Apr 2014 – Jun 2015), worked as a director marketing- south east asia & India at nuance communications, worked at airtel as a deputy GM, GM and head of new product development ( Feb 2004 – Oct 2011). http://www.linkedin.com/in/misranitin/
Philosophy/key insight
Can India’s gold loan market keep up with consumer demands?
The traditional banking industry has been disrupted by fintech players in various areas, including digital payments and retail lending, however, the gold- backed lending industry has proven more challenging for fintech to crack due to the need for physical assaying of gold jewelry, acting as collateral for the loan. The gold- backed lending industry is evolving rapidly, and whether fintech players can displace incumbents remains to be seen, but for now, they are working alongside banks, creating a win – win situation for all.
Media
Indiagold raises additional $10 million in funding as part of Series A round, Nov 25, 2022, https://economictimes.indiatimes.com/tech/funding/indiagold-raises-additional-10-million-as-part-of-series-a-round/articleshow/95767265.cms
Gold loan platform Indiagold has raised an additional $10 million in funding as part of its extended Series A round from PayU (the fintech arm of Prosus), Alpha Wave, 3one4 Capital, and Leo Capital.
Why Paytm’s Deepak Abbot and Nitin Misra relooked at the $1.5T gold assets that Indians own, yourstory.com, Aug 30,2021. https://yourstory.com/2021/08/paytm-deepak-abbot-nitin-misra-digital-gold-loans-startup-assets-india/amp
Indiagold operates in the digital gold lock and locker segment, allowing users to store gold in lockers at lower rates than banks and offering a credit line for the deposited gold. The startup raised significant funding and had sold gold worth Rs 4 crore as of June in the same year. Despite the large market size formgold loans in India, the founders hesitated due to the emotional and trust- related factors associated with gold as an asset.
Prepared by – Jayesh Baviskar, July 2023
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