Indiagold provides a gold-focused digital alternative credit platform that helps customers store gold in insured, tamper-proof lockers and take loans against those holdings. Its agents inspect, weigh and secure customers' gold in RFID-tagged, tamper-proof bags placed into steel boxes that customers lock with their fingerprint; the app streams the transfer to the vault in real time. The company exposes APIs to banks and other lenders to enable credit products that use gold to determine creditworthiness. Lockers are priced affordably at a few dollars a year and customers can take loans against part of their stored gold, with credit lines facilitated within about 30 seconds. Founders Nitin Misra and Deepak Abbot are former Paytm executives. Indiagold was operational in the National Capital Region and Indore at the time of the report and planned to expand to 10 cities by the end of the financial year while broadening its product offerings. The startup experienced a 70% drop in business during India’s second COVID wave but recovered to an all-time peak by the first half of the month referenced in the article. indiagold provides a low-cost, insured locker service that picks up customers' gold at home, seals it in tamper-proof bags with RFID tags, and stores it in secured vaults. Customers lock the steel box with their fingerprint while the pickup is recorded via agent body cameras streamed to the customer in real time. The platform displays the real-time value of deposited gold and offers a zero-touch line of credit that can be accessed within seconds, with loans charged at a maximum 1% interest rate. indiagold has built credit-worthiness models and exposes APIs for banks and lenders to reach this underserved customer base. The startup began operations late last year and is currently operational in Delhi-NCR. Founders Deepak Abbot and Nitin Misra are former Paytm executives and say they are beginning to scale their efforts.

Total raised

$14M

Funding rounds

2

Latest round

Series A

Latest activity

Aug 2021