Gold Loan Provider Oro Money Raises $12.5 Mn In Funding From Singularity, Three State Capital
Gold Loan Provider Oro Money Raises $12.5 Mn In Funding From Singularity, Three State Capital
Chennai-based gold loan provider Oro Money has raised $12.5 million in funding from new and existing investors. The round was led by Singularity Ventures and Three State Capital, with participation from existing investors PI Opportunities Fund and 021 Capital.
The funding will be used to expand Oro Money’s reach into new markets, launch new products, and strengthen its technology platform. The company plans to enter Coimbatore and Delhi in the near future, and it is also considering expanding internationally.
Oro Money provides gold loans at an interest rate of 9.48%. It currently operates in Chennai, Bengaluru, Hyderabad, Pune, and Vijayawada. The company offers a variety of gold loan products, including personal loans, business loans, and home loans.
Oro Money is one of a growing number of fintech companies that are offering gold loans in India. The gold loan market is estimated to be worth over INR 2 lakh crore, and it is growing rapidly. This is due to a number of factors, including the rising price of gold, the increasing availability of gold loan products, and the growing awareness of gold loans among consumers.
Gold loans are a popular form of credit for people who have limited access to formal banking services. Gold loans are also relatively easy to obtain, as they do not require any credit history or collateral other than gold.
Oro Money’s funding round is a sign of the growing interest in the gold loan market. The funding will help Oro Money to expand its reach and offer more products and services to its customers.
What are the benefits of gold loans?
Gold loans offer a number of benefits to borrowers, including:
- Easy to obtain: Gold loans are relatively easy to obtain, as they do not require any credit history or collateral other than gold.
- Low interest rates: Gold loans typically have lower interest rates than other types of loans, such as personal loans and credit card loans.
- Flexible repayment options: Gold loans offer flexible repayment options, which can be helpful for borrowers who have irregular income.
- Security: Gold loans are a secure form of credit, as the borrower’s gold is held as collateral by the lender.
Who can benefit from gold loans?
Gold loans can be beneficial for a variety of people, including:
- Salaried individuals: Gold loans can be a good option for salaried individuals who need a quick loan to meet their financial needs.
- Self-employed individuals: Gold loans can also be a good option for self-employed individuals who do not have access to formal banking services.
- Farmers: Gold loans can be helpful for farmers who need to finance their agricultural operations.
- Small businesses: Gold loans can also be helpful for small businesses that need to finance their operations.
Conclusion
Oro Money’s funding round is a positive development for the gold loan market in India. The funding will help Oro Money to expand its reach and offer more products and services to its customers. Gold loans offer a number of benefits to borrowers, including easy access to credit, low interest rates, flexible repayment options, and security. Gold loans can be beneficial for a variety of people, including salaried individuals, self-employed individuals, farmers, and small businesses.tunesharemore_vert
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