Shark Tank India-featured Plus Gold raises $1.2 million led by Venture Catalysts, JITO, others

Shark Tank India-featured fintech startup Plus Gold has raised $1.2 million in a funding round led by JITO, with participation from Venture Catalysts.

Other notable participants included Bollywood celebrity Sonakshi Sinha, tech entrepreneur Sachin Shetty, Signal Ventures, Shark Tank India fame Varun Dua, Shrish Mishra, Misfits, and several other prominent figures in the Indian startup ecosystem.

"This vote of confidence from industry leaders validates our vision and approach. The funds will be instrumental in accelerating our growth trajectory, allowing us to refine our technology, expand our user base, and introduce innovative features," said Veer Mishra, co-founder of Plus Gold.

What does Plus Gold do?

Founded in May 2022 by Veer Mishra and Raj Parekh, Nagpur-based Plus Gold aims to revolutionize how India buys, saves, and invests in gold. 

The fintech startup offers users the ability to invest in gold through Systematic Investment Plans (SIPs) or one-time transactions, making gold investment accessible to a broader audience. Notably, It allows users to convert their digital gold investments into physical jewellery, bridging a crucial gap in the market.

Purpose of fundraising

The startup will use the raised capital to enhance its technological infrastructure, improve user experience, strengthen security measures, and develop AI-driven investment advisory features.

According to Veer Mishra, the funds will accelerate the company's growth, allowing it to refine its technology, expand its user base, and introduce innovative features.

“Our goal is to make gold investment as easy and accessible as using a smartphone app, while still honoring the deep cultural significance of gold in India,” Mishra said.

Addressing barriers in traditional gold investment

Plus Gold aims to address several barriers in traditional gold investment, such as storage, purity assurance, and liquidity issues.

"The platform's unique feature allowing users to convert digital investments into physical jewellery addresses a crucial gap in the market. With India's gold market estimated at $80 billion, we believe Plus Gold is exceptionally well-positioned to capture a substantial share," said Apoorva Ranjan Sharma, Co-founder and Managing Director of Venture Catalysts++.

It operates in a competitive market dominated by well-funded companies like PayU, Alpha Wave-backed Indfiagold, Rupeek, Oro Money, and Tiger Global investee Jar. Additionally, large fintechs, including PhonePe, have added gold-buying options to their apps.