Plus Gold, a gold investment app founded in May 2022 by Veer Mishra and Raj Parekh, has raised $1.2 million in a seed funding round led by JITO. Other investors include Venture Catalyst, Sonakshi Sinha, Sachin Shetty, Signal Ventures, Varun Dua, Shrish Mishra, and Misfits, among others.
The Bengaluru-based startup plans to utilize the funds to enhance its technological infrastructure, improve user experience, bolster security measures, and develop AI-driven investment advisory features, according to a press release.
Plus Gold facilitates gold investments through Systematic Investment Plans (SIPs) or one-time transactions, allowing users to convert digital gold investments into physical jewellery at any time. It aims to eliminate traditional barriers associated with gold investments such as storage concerns, purity assurance, and liquidity issues.
A portion of the funding will also be allocated towards expanding its team by hiring engineers and customer service executives.
The online gold investment market is competitive, with established players like PayU, Indfiagold backed by Alpha Wave, Rupeek, Oro Money, and Jar backed by Tiger Global dominating the segment. Major fintech platforms such as PhonePe have also ventured into offering gold purchasing options within their apps.
This funding round positions Plus Gold to strengthen its market presence and innovate further in the digital gold investment space.
