New Delhi, July 27 -- Fintech and digital asset platform India Gold Metaverse Pvt Ltd has raised fresh external capital that valued the company above Rs 2,500 crore ($260 million), VCCircle has gathered.
The Mumbai-based company said Monday a clutch of family offices participated in the funding round that totalled Rs 300 crore (nearly $31.1 million). The investors who took part in the round included Ashish Kacholia, Jagdish Master Family Office, Waaree Family Office, Ravi Sheth Family Office, and Anuj Sheth Family Office.
The Waaree Group, promoted by the Doshi family, backs several companies like the green financing platform Solfin Sustainable Finance, as well as battery recycling and second-life energy solutions startup BatX Energies.
Ace stock market investor Ashish Kacholia is invested in many companies and recently backed space-tech startup XDLINX.
The Pantomath Group facilitated the fund-raise for the digital asset platform, the company said in a press note.
India Gold MetaVerse said it will use the proceeds from the equity investment toward technology development, product commercialization, ecosystem expansion, strategic partnerships, regulatory initiatives and team expansion. This accelerates the company's roadmap to build a scalable digital infrastructure for India's gold, bullion and jewellery economy.
"This equity private placement validates our belief that India's gold industry is ready for a technology led transformation," Lamon Rutten, managing director and CEO at India Gold Metaverse, said in the note.
"The capital will enable us to accelerate platform development, expand our ecosystem, deepen strategic partnerships and build scalable digital infrastructure that creates long term value for every stakeholder across the gold value chain," he added.
India Gold MetaVerse's Elanzia offering includes a digital aggregation platform for jewelers and bullion participants, and RamMudra- a blockchain-enabled digital gold and coins. It also operates GoldSense, an AI-powered purity verification engine, as well as BullionX, an institutional trading infrastructure.
Published by HT Digital Content Services with permission from VC Circle.