Indiagold gets $12 million funding from PayU, others as gold loans surge
August 28, 2021
Bengaluru: Indiagold, a gold-based lending platform started by two former Paytm executives, has raised $12 million in fresh funding to make the most of the pandemic-induced surge in loans against jewellery.
Indian financial institutions struck gold, quite literally, as the Covid-19 pandemic triggered a surge in loans against jewellery since early last year, according to a S&P Global report.
The World Gold Council expects the gold loans market to grow at an annual rate of 15.7% and reach Rs 4.617 lakh crore in FY22 from Rs 3.448 lakh crore in FY20.