Oro Money, a provider of gold loans, has secured about $12.5 million in funding from Singularity and Three State Capital.
The board of directors of Oro Money has approved an additional resolution to issue 7,916 preferred shares at an issue price of INR 1,32,633 per share for approximately $12.5 million, or INR 105 crore, a per reported by Entrackr.
New investors Singularity Ventures and Three State Capital contributed INR 28 Cr and INR 16 Cr, respectively, to the funding round. PI Opportunities Fund and 021 Capital, who were already investors, contributed INR 24 Cr and INR 12 Cr, respectively.
Additionally, Mithun Sacheti, cofounder and former CEO of Caratlane, and Siddhartha Sacheti, creative director and CEO of Jaipur Gems, each contributed INR 12.5 Cr as currently investors.
O21 Capital now owns an 11% stake in the Chennai-based startup following the recent funding, while Premji Invest, Singularity Growth, and Three State Capital each hold 10.5%, 7.3%, and 4.2% of the company, respectively. Entrackr was the first to report the development.
A platform called Oro can instantly unlock a user’s gold’s potential. It links users and financial institutions to deliver better access and accurate information at a lower cost.
Oro was created in 2021 by Parth Shah, Sreekesh Krishnan, and Rakesh Mani to make it simple for users to access the value of their gold. It links users with financial organisations so they can get better access to and precise data about the value of their gold.