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BENGALURU: Indeor, a gold-based lending startup founded by two former senior executives at Paytm, aims to roll out nationwide operations this year beyond its home market of New Delhi.
Deepak Abbot and Nitin Misra, who were among Paytm’s senior executives, co-founded Indiagold and plan to expand their operations across the country over the next two years. Although it plans to expand into northern and western India this year, it will also go to South india, which is considered the largest gold lending market, in 2022. Gold loans so far have generally been run by traditional companies and Indiagold is one of the new generation of tech startups looking to disrupt the market.
According to Abbot, Indiagold essentially gives the ability to store gold in lockers at a much cheaper price than traditional banks. “And we have a line of credit based on the gold you store with us. This is instant credit that is credited to you, in case you need it. This year we are looking to enter cities like Surat, Ahmedabad, Jaipur, then in 2022 we would go to Hyderabad, Chennai and Bengaluru, ”he said. Indiagold also sells digital gold on its platform. Major payment companies like Paytm, PhonePe, and Google Pay also sell digital gold to their users.
Currently, Indiagold sells digital gold worth Rs 1 crore per month while disbursing gold loans worth Rs 4 crore per month. Indiagold partners with banking and financial service partners to allow users to credit based on the gold they store with Indiagold. “We offer fully secure and insured gold storage through our partners, which also allows you to track your gold remotely at any time. It is convenient for customers because loans are available even after bank hours on weekends, ”Abbot added.
According to the duo, India’s organized gold lending market grew to $ 55 billion last year, from $ 28 billion in 2016, indicating the vast market opportunity for Indiagold. Flipkart co-founder Binny Bansal, backed by Rupeek, is one of the biggest startups in the space.
“The opportunity for gold lending does not lie only in the organized and unorganized market, but in the $ 900 billion of untapped collateral (of gold), most of which lies as a dead asset in the homes of people. This can be used to meet the growing demand for credit from India. Abbott added.
Indiagold is expected to launch its next fundraiser in the coming weeks as it seeks to expand across the country. So far, the startup has raised $ 2 million from Leo Capital with the participation of leading angel investors like the founder of Cred -Kunal Shah, the co-founders of Snapdeal-Kunal Bahl and Rohit Bansal, the Pine Labs CEO Amrish Rau, and BharatPe co-founder Ashneer Grover, among others.
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Deepak Abbot and Nitin Misra, who were among Paytm’s senior executives, co-founded Indiagold and plan to expand their operations across the country over the next two years. Although it plans to expand into northern and western India this year, it will also go to South india, which is considered the largest gold lending market, in 2022. Gold loans so far have generally been run by traditional companies and Indiagold is one of the new generation of tech startups looking to disrupt the market.
According to Abbot, Indiagold essentially gives the ability to store gold in lockers at a much cheaper price than traditional banks. “And we have a line of credit based on the gold you store with us. This is instant credit that is credited to you, in case you need it. This year we are looking to enter cities like Surat, Ahmedabad, Jaipur, then in 2022 we would go to Hyderabad, Chennai and Bengaluru, ”he said. Indiagold also sells digital gold on its platform. Major payment companies like Paytm, PhonePe, and Google Pay also sell digital gold to their users.
Currently, Indiagold sells digital gold worth Rs 1 crore per month while disbursing gold loans worth Rs 4 crore per month. Indiagold partners with banking and financial service partners to allow users to credit based on the gold they store with Indiagold. “We offer fully secure and insured gold storage through our partners, which also allows you to track your gold remotely at any time. It is convenient for customers because loans are available even after bank hours on weekends, ”Abbot added.
According to the duo, India’s organized gold lending market grew to $ 55 billion last year, from $ 28 billion in 2016, indicating the vast market opportunity for Indiagold. Flipkart co-founder Binny Bansal, backed by Rupeek, is one of the biggest startups in the space.
“The opportunity for gold lending does not lie only in the organized and unorganized market, but in the $ 900 billion of untapped collateral (of gold), most of which lies as a dead asset in the homes of people. This can be used to meet the growing demand for credit from India. Abbott added.
Indiagold is expected to launch its next fundraiser in the coming weeks as it seeks to expand across the country. So far, the startup has raised $ 2 million from Leo Capital with the participation of leading angel investors like the founder of Cred -Kunal Shah, the co-founders of Snapdeal-Kunal Bahl and Rohit Bansal, the Pine Labs CEO Amrish Rau, and BharatPe co-founder Ashneer Grover, among others.
