Oro Money’s Growth Journey: From Series A Funding to the Upcoming Round
Oro Money, a Chennai-based gold loan platform, is preparing to raise a new funding round of $12-15 million from both existing and new investors. This marks the second funding round for the company since its establishment in 2019.
In February 2022, Oro Money successfully raised Rs 36 crore ($4.7 million) in its Series A funding led by 021 Capital, helmed by Binny Bansal. Notable participation was also observed from Premji Invest, the investment arm of Azim Premji, the founder of Wipro.
Empowering Individuals and Businesses through Online Gold Loans
Founded by Pradeep Prabhakaran, Karthik Ganapathy, and Karthik Ramesh, Oro Money operates as an online platform offering gold loans to individuals and businesses. With an impressive track record, the company has disbursed over Rs 1,000 crore ($130 million) in loans since its inception. Oro Money’s success is attributed to its user-friendly platform and efficient loan processing system.
Fueling Expansion and Technological Advancements
With the newly secured funding, Oro Money aims to expand its operations further, reaching a broader customer base. The company prepares to invest in cutting edge technology and product development to enhance the overall gold loan experience for its users. By prioritizing these areas, Oro Money aims to solidify its position as a leading player in the gold loan market.
Seizing Opportunities in India’s Booming Gold Loan Market
The gold loan market in India is substantial, estimated to be worth over Rs 100,000 crore ($13 billion) and growing at an impressive compound annual growth rate (CAGR) of 20%. Oro Money is among several notable startups operating in this lucrative market. Other key players include Rupeek, Indiagold, and LoanTap.
Competition and Leading Players in the Gold Loan Market
Rupeek, a market leader in the gold loan segment, has successfully secured over $100 million in funding from prominent investors such as Lightbox, Sequoia Capital, and Accel Partners.
Indiagold, another major player, has raised more than $50 million in funding, with support from investors like PayU, Alpha Wave Incubation, and Blume Ventures.
LoanTap, a newer entrant in the gold loan market, has raised over $20 million in funding from renowned investors like Tiger Global Management and Matrix Partners.
