Gold investment app Plus Gold has raised $1.2 million in a seed funding round led by JITO along with participation from Venture Catalyst, Sonakshi Sinha, Sachin Shetty, Signal Ventures, Varun Dua, Shrish Mishra, Misfits among others.
According to a press release from Plus Gold, the money will be used to upgrade its technological infrastructure, enhance user satisfaction, fortify security, and create AI-driven investment advisory services.
Plus Gold, a company founded in May 2022 by Veer Mishra and Raj Parekh, provides gold investments through one-time transactions or Systematic Investment Plans (SIPs). Users can always exchange their digital gold investments for real jewellery.
As per the Bengaluru-based enterprise, it eliminates obstacles associated with conventional gold investment, including storage, purity assurance, and liquidity concerns. Additionally, engineers, customer service representatives, and other staff will be hired with a portion of the earnings.
Due to the presence of several well-funded competitors in the market, Plus Gold operates in a crowded one. Oro Money, Rupeek, Tiger Global investee Jar, PayU and Alpha Wave-backed Indfiagold, and Oro Money currently lead the online gold investment space. A gold buying feature was also added to the apps of major fintechs, such as PhonePe.
