Oro Money raises $12.5 million Funding from Singularity Ventures
Oro Money, a Chennai-based fintech startup, has raised around $12.5 million in capital from a wide collection of investors, including both existing and new backers. Oro Money issued 7,916 preference shares for Rs 1,32,633 apiece in this current investment round.
Singularity Ventures and Three State Capital are notable new investors, contributing Rs 28 crore and Rs 16 crore, respectively. Existing investors PI Opportunities Fund and 021 Capital contributed Rs 24 crore and Rs 12 crore, respectively. Individual investors Mithun Sacheti, Co-Founder and Ex-CEO of Caratlane, and Siddhartha Sacheti, Creative Director and CEO of Jaipur Gems, also contributed Rs 12.5 crore.
Following this round of fundraising, 021 Capital now owns 11% of Oro Money. Premji Invest, Singularity Growth, and Three State Capital each received 10.5%, 7.3%, and 4.2% stakes, respectively. The unique platform of Oro Money enables users to unleash the value of their gold assets by connecting them with financial institutions and providing exact information about the value of their gold holdings. The portal is now available in a number of Indian cities, including Chennai, Bengaluru, Hyderabad, Pune, and Vijayawada.
Oro Money competes in the gold lending industry with firms such as Ruptok, Rupeek, and Indiagold. According to Statista, the gold loan business in India is expanding rapidly, with assets under management (AUM) for gold loan non-banking financial organizations (NBFCs) rising to Rs 2,197,00 crore in 2023, up from Rs 1,568,00 crore in 2022. This is Oro Money's first financing round of the year, bringing the Chennai-based startup's total funds gained to $17 million.
Singularity Ventures and Three State Capital are notable new investors, contributing Rs 28 crore and Rs 16 crore, respectively. Existing investors PI Opportunities Fund and 021 Capital contributed Rs 24 crore and Rs 12 crore, respectively. Individual investors Mithun Sacheti, Co-Founder and Ex-CEO of Caratlane, and Siddhartha Sacheti, Creative Director and CEO of Jaipur Gems, also contributed Rs 12.5 crore.
Following this round of fundraising, 021 Capital now owns 11% of Oro Money. Premji Invest, Singularity Growth, and Three State Capital each received 10.5%, 7.3%, and 4.2% stakes, respectively. The unique platform of Oro Money enables users to unleash the value of their gold assets by connecting them with financial institutions and providing exact information about the value of their gold holdings. The portal is now available in a number of Indian cities, including Chennai, Bengaluru, Hyderabad, Pune, and Vijayawada.
Oro Money competes in the gold lending industry with firms such as Ruptok, Rupeek, and Indiagold. According to Statista, the gold loan business in India is expanding rapidly, with assets under management (AUM) for gold loan non-banking financial organizations (NBFCs) rising to Rs 2,197,00 crore in 2023, up from Rs 1,568,00 crore in 2022. This is Oro Money's first financing round of the year, bringing the Chennai-based startup's total funds gained to $17 million.
