Wealth Management App
Jeweller’s Discount
Season 3 Episode 25
| Brand | Plus |
| Company Name | Plus Gold |
| Founders | Veer Mishra, Raj Parekh |
| Original Ask | 60 lakhs for 1% equity at the valuation of Rs. 60 crores |
| Deal | 60 lakhs for 1.5% equity at the valuation of Rs. 40 crores |
About the Product
Save with Plus Gold and receive an additional 1gm when you save in gold, either through a one-time investment or SIP. Rest assured, your gold is kept 100% secure in regulated vaults, ensuring peace of mind. When you’re ready to redeem, choose from over 300 partner jewellers to find your favourite pieces at the best rates. Your funds are guaranteed safe and secure, stored in protected vaults at Augmont, and available for withdrawal whenever needed. With RBI approval, Plus Gold stands as a trusted lending and gold partner, offering a revolutionary solution for Indian homemakers to plan their jewellery purchases through monthly savings with a lucrative 10% IRR. No need to worry about penalties – withdraw your savings at any time. Plus Gold is your key to smart and secure gold savings.
Founders & their story
- Veer Mishra
- Raj Parekh
Annually, in India, a staggering 7 lakh crores worth of gold or gold jewelry finds its way into the hands of eager buyers. Surprisingly, a significant 20% of these treasures are acquired through innovative advance purchase plans or gold jewellery savings schemes.
Enter Plus, an intuitive and user-friendly gold and jewellery savings app, beckoning individuals to embark on a journey of financial prudence. Here, users can tailor their savings journey by stashing away a personalized amount each month, which is then shrewdly invested in assets regulated by the Reserve Bank of India. But that’s not all. Plus adds a touch of luxury to the mix by granting users access to partner jewellers, where they can indulge in their coveted pieces at discounted prices. With an enticing Internal Rate of Return (IRR) of 10%, users can watch their investments flourish without the fear of penalties should they decide to withdraw.
With over 20,000 satisfied customers and a collective savings pool boasting a princely sum of 45 lakhs, Plus stands as a beacon of financial empowerment. This digital haven transcends platforms, effortlessly catering to both Android and iOS users alike. Here, missing an instalment is no cause for alarm, thanks to a lenient 7-day lock-in period. And with the convenience of a digital passbook, users can effortlessly track their savings journey and explore other platform features with ease.
What’s more, Plus has forged partnerships with over 320 esteemed jewellers, ensuring a plethora of options for every discerning buyer. For those seeking immediate gratification, a one-time investment of 1 lakh promises fixed annual returns of 10,000, coupled with a generous 5,000 discount on gold jewellery, culminating in a handsome sum of 115,000 after a mere year. But Plus doesn’t stop there. In a bid to cater to diverse financial needs, the platform extends its offerings to peer-to-peer lending through a trusted Non-Banking Financial Company (NBFC). Here, borrowers with credit scores exceeding 750 can access funds with ease. And for those with a penchant for safer investments, Plus introduces avenues such as fixed deposits and other secure asset classes, all at the fingertips of its discerning users.
With a formidable total amount raised standing at Rs 6.59 crores, Plus continues to soar to greater heights. On average, they broker discount deals with jewellers, ensuring patrons enjoy markdowns ranging from 6-8% on diamonds and 2-5% on gold.
About the company
Plus Gold made its debut with a pilot launch in January 2023, and within a mere 30 days, they witnessed a remarkable uptake, attracting 5000 Indian homemakers to their app. These homemakers not only embraced the platform but also became enthusiastic ambassadors, spreading the word among their circles. Today, Plus Gold boasts a thriving ecosystem with over 2500 jewellers listed on their app. Among them, more than 200 jewellers have been meticulously verified, ensuring users enjoy unmatched experiences. With a burgeoning community of over 50,000 Indian homemakers actively saving through Plus Gold, the platform has become a beacon of financial empowerment.
Their mission is clear: to empower Indian homemakers to save intelligently, akin to traditional Fixed Deposits (FDs), while also providing access to a plethora of fintech solutions. Through these efforts, Plus Gold is driving financial inclusion and empowerment among Indian households.
Revenue
With a lifetime savings totalling Rs 45 lakhs on the app, Plus Gold operates on a pre-revenue model, taking a 2% take rate from the NBFC.
Founders’ Ask
60 lakhs for 1% equity at the valuation of Rs. 60 crores.
Offers
Varun’s offer: 60 lakhs for 1.5% equity at the valuation of Rs. 40 crores.
Final Deal
Varun: 60 lakhs for 1.5% equity at the valuation of Rs. 40 crores.