Gold investment app Plus Gold has successfully raised $1.2 million in a seed funding round, led by JITO. This funding round saw participation from notable investors such as Venture Catalyst, Sonakshi Sinha, Sachin Shetty, Signal Ventures, Varun Dua, Shrish Mishra, and Misfits among others.
The newly acquired funds will be directed towards enhancing Plus Gold’s technological infrastructure, improving user experience, bolstering security measures, and developing AI-driven investment advisory features. “We are excited to deploy the proceeds to raise our tech infra, improve user experience, strengthen security, and develop AI-driven investment advisory features,” Plus Gold stated in a press release.
Founded in May 2022 by Veer Mishra and Raj Parakh, Plus Gold offers a seamless gold investment experience through Systematic Investment Plans (SIPs) and one-time transactions. The platform uniquely allows users to redeem their digital gold investments as physical jewellery at any time, effectively bridging the gap between digital and physical gold investments. “We weed out barriers in traditional gold investment, such as storage, purity assurance, and liquidity issues,” Plus Gold explained.
In addition to enhancing its technology and user interface, part of the funding will be utilized for hiring new talent, including engineers and customer service executives. This strategic move aims to support Plus Gold’s growth and ensure top-notch service delivery to its customers.
Operating in a highly competitive market, Plus Gold faces significant competition from well-funded companies such as PayU and Alpha Wave-backed Indfiagold, Rupeek, Oro Money, and Tiger Global investee Jar. Additionally, large fintech players like PhonePe have also ventured into the gold investment segment, further intensifying the competition.
Despite the crowded market, Plus Gold remains optimistic about its unique value proposition and growth potential. “A part of the proceeds will also be used for hiring engineers, customer service executives and others,” the company mentioned.