Gold investment app Plus Gold has successfully raised $1.2 million in a seed funding round, led by the Jain International Trade Organization (JITO). The round also saw participation from notable investors including Venture Catalyst, actress Sonakshi Sinha, Sachin Shetty, Signal Ventures, Varun Dua, Shrish Mishra, and Misfits, among others.
The funds will be utilized to enhance Plus Gold’s technological infrastructure, improve user experience, bolster security measures, and develop AI-driven investment advisory features, the company announced in a press release.
Founded in May 2022 by Veer Mishra and Raj Parekh, Plus Gold facilitates gold investments through Systematic Investment Plans (SIPs) and one-time transactions. The platform allows users to redeem their digital gold investments as physical jewellery at any time.
The Bengaluru-based company aims to eliminate traditional barriers to gold investment, such as storage concerns, purity assurance, and liquidity issues. Additionally, part of the funding will be used for hiring engineers, customer service executives, and other key personnel.
Plus Gold enters a competitive market, with several well-funded companies already operating in the space. Currently, the online gold investment segment is dominated by players such as PayU and Alpha Wave-backed Indfiagold, Rupeek, Oro Money, and Tiger Global investee Jar. Additionally, large fintech companies like PhonePe have also introduced gold buying options within their apps.
