Dvara SmartGold on Monday announced a $2 million fundraise from seed fund Axilor and Dvara Holdings.
The company's Interim Chief Executive Jaydeep Banerjee said it serves over 70,000 customers currently and the capital raised will be used to expand across India footprint for micro-savings and introducing other financial products centred on gold.
The three-year-old company offers micro-saving plans in gold through instruments like Systematic Investment Plans (SIPs) as per their ability and use their savings for any need later, according to an official statement.
It aims to build full-stack financial services offering anchored around gold as an asset class, it added.
''Gold is the most intuitive savings product and inflation hedge for the majority of households in India...product is in line with the Indian government's policy of 'financialising' the gold sector and ensuring gold is used as a productive asset class,'' Axilor co-founder and Chief Executive Ganapathy Venugopal said.
''Financial inclusion in India has thus far been largely focused on Jan Dhan accounts, payments and credit. We believe that this is incomplete without solving the problem of micro-savings for the under-served segment,” Dvara Holdings Vice-Chairman and co-founder Samir Shah said.
(With inputs from PTI)