Goldsetu Pvt Ltd, which operates an eponymous software-as-a-service (SaaS) platform, has raised $1.2 million (around Rs 8 crore) in a seed round of funding led by Village Global, Better Capital, Titan Capital, iSeed and Anjali Bansal for Avaana Seed, the company said in a statement on Monday.
Other investors who participated in this funding round include Kunal Shah (Founder of CRED), Suhail Sameer (CEO at BharatPe), and Revant Bhate (Co-Founder and CEO at Mosaic Wellness), among others, the statement said.
The company plans to deploy the fresh capital to add new products and expand into newer markets, it added.
Founded by Vikas Verma and Anuj Sachdev, Goldsetu helps jewellery retailers to automate the workflows, create a digital storefront, digitally engage with customers, and offer more products and services to their customers.
The company is planning to add more products such as digital gold, jewellery insurance, gold loans, and marriage loans that jewellers can offer to their customers, it said.
Vikas Verma, CEO and Co-Founder, Goldsetu, said in the statement that the startup has been able to create a platform that allows any jewellery retailer to go digital without any upfront investment in technology and offer their customers the same immersive omnichannel experience as the larger brands with multi-million dollars tech budgets.
"The funds will further accelerate our mission of becoming the de-facto operating system for the jewellery value chain," added Verma.
According to a report from global management consulting firm, Bain & Co, private equity investments in India’s growing SaaS industry was expected to touch $4.5 billion by 2021, contributing to almost 8% of overall venture capital deal value expected to be poured into Indian startups this year.
The investor interest in Indian SaaS spans across both early-stage and late-stage deals, as public market investors and sovereign funds also tap on to the growing opportunities, the report said.