Plus Gold Secures $1.2 Million in Seed Funding Round

Preeti Bali / 10:41 am / June 26, 2024

Plus Gold, a mobile application that facilitates gold investment, has successfully secured $1.2 million in its initial funding round. The round was led by JITO, a prominent investment firm, with participation from a consortium of renowned investors including Venture Catalyst, Sonakshi Sinha, Sachin Shetty, Signal Ventures, and several others.

Funds to Fuel Technological Advancements and User-Centric Development

Plus Gold intends to utilize the acquired capital to bolster its technological infrastructure. This will involve improvements in user experience, enhanced security measures, and the development of innovative features such as AI-driven investment advisory tools. These advancements aim to streamline the gold investment process for users on the platform.

Offering Flexibility and Convenience in Gold Ownership

Founded in May 2022 by Veer Mishra and Raj Parekh, Plus Gold strives to eliminate the traditional hurdles associated with physical gold investment. The platform allows users to invest in gold through Systematic Investment Plans (SIPs) or one-time purchases. Additionally, Plus Gold offers the unique advantage of redeeming digital gold holdings for physical jewelry at any time, ensuring easy access and liquidity.

Operating in a Competitive Market Landscape

Plus Gold acknowledges the competitive nature of the online gold investment market. Established players like PayU, Indfiagold (backed by Alpha Wave), Rupeek, Oro Money, and Jar (funded by Tiger Global) hold a significant presence in this sector. Even prominent fintech companies like PhonePe have entered the fray by offering gold purchasing options within their applications. Despite this competition, Plus Gold remains determined to carve out its niche by prioritizing user experience and technological innovation.


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