Plus Gold, a pioneering gold investment app, has successfully raised $1.2 million in a seed funding round led by JITO. The funding round also saw participation from Venture Catalyst, Sonakshi Sinha, Sachin Shetty, Signal Ventures, Varun Dua, Shrish Mishra, Misfits, and other prominent investors.
Founded in May 2022 by Veer Mishra and Raj Parakh, Plus Gold aims to revolutionize gold investments by offering Systematic Investment Plans (SIPs) and one-time transactions. One of its unique features includes the ability for users to convert their digital gold investments into physical jewellery at any time, thereby bridging the gap between digital and physical asset ownership.
The funds raised will be utilized to enhance Plus Gold’s technological infrastructure, improve user experience, strengthen security measures, and develop AI-driven investment advisory features. Additionally, the company plans to expand its team, focusing on hiring engineers and customer service executives to support its growing user base.
The online gold investment sector is competitive, with established players like PayU, Indfiagold (backed by Alpha Wave), Rupeek, Oro Money, and Jar (supported by Tiger Global) dominating the market. Despite the competition, Plus Gold differentiates itself through its innovative approach and focus on user-centric solutions.
Large fintech firms, including PhonePe, have also integrated gold buying options into their platforms, reflecting the growing demand for digital gold investment solutions among consumers.
With the backing of JITO and a diverse group of investors, Plus Gold is poised to accelerate its growth and consolidate its position in the online gold investment space, catering to the evolving needs of investors seeking reliable and accessible gold investment options.