Indiagold, a startup that offers gold loans, digital gold, among others, has scooped up nearly $10 million in an extended Series A round from existing investors including Alpha Wave, 3one4 Capital, PayU, and Leo Capital.
Entrackr had exclusively reported about the fundraise. Previously, the Gurugram-based company raised $12 million as part of the same round with these investors in September last year.
The board at Indiagold has passed a special resolution to allot 5,323 Series A1 compulsory convertible preference shares (CCPS) at an issue price of Rs 1,45,600 per share to raise Rs 77.5 crore or nearly $10 million, as per the regulatory filings with the Registrar of Companies (RoC).
Alpha Wave spearheaded the round with Rs 38.76 crore followed by 3one4 Capital which infused Rs 19.38 crore. Payu Fintech Investments and Leo Capital also joined in and invested Rs 11.62 crore and Rs 7.75 crore, respectively.
Founded by two former Paytm executives Deepak Abbot and Nitin Mishra, Indiagold provides loans against physical as well as digital gold through its locker service. Consumers also have an option of insurance cover for their lockers.
While customers can store and earn 5-6% interest annually on the value of their gold deposit, they can also take up to Rs 60,000 loan against digital gold kept in its locker. The company partners with banks and non-banking financial companies (NBFCs) including Small Finance Bank, Piramal Capital, Housing Finance, and Liquiloans to offer loans.
Indiagold’s revenue from operations jumped 6.9X to Rs 2.76 crore during FY22 as compared to Rs 40 lakh reported in FY21, as per the annual financial statements with the RoC. The losses of the company also soared over 5X to Rs 28.7 crore in FY22 against Rs 5.5 crore in the preceding fiscal year.
Indiagold competes with Rupeek and traditional brick-and-mortar players including Muthoot Finance and Manappuram Finance.
Source @Entrackr
