Plus Gold was founded in 2022 by Veer Mishra and Raj Parekh. The startup’s goal was to simplify digital gold savings. The startup gained tremendous traction after being featured on Shark Tank India. A year after its debut, Plus Gold has now shut down its operations.
“Despite strong user traction and early-stage success, the company faced a prolonged funding winter, and sustaining high operating costs without fresh capital became untenable,” said Mishra.
About Plus Gold
Plus Gold developed a full-stack platform that allowed users to invest in digital Gold in variable amounts or fixed monthly SIPs, intending to simplify gold savings for Indian customers.
The Plus Gold app is available on both the Google Play Store and the Apple App Store. With the Plus Gold app, users could redeem their savings for cash or jewelry, with up to 5% in added perks. On the Google Play Store, the app had received over one lakh downloads.
Augmont helped the business with its digital gold services, and ICICI Lombard provided asset security.
Although the business shut down, the app remains live. Plus Gold’s app and customer systems have been successfully transferred to a trusted digital gold provider, ensuring uninterrupted service for existing users. While the name and platform have changed hands, this was not a complete acquisition of the original company. According to Mishra, more details about the new operator will be shared later.
Why Did It Collapse?
Despite raising $1.2 million in a seed funding round headed by JITO, Venture Catalysts, and The Signal Group’s investment arm, the company was unable to secure more funding.
Capital crunch: After the seed round, the startup could not close a Series A in the midst of tighter economic conditions and changing investor preferences. This resulted in postponements and, eventually, the collapse of those commitments, leading to the demise of the company.
Weak unit economics: Backers pointed to unsustainable cash burn and margins insufficient to scale profitably, suppressing further investment
Overcrowded space: Plus Gold faced fierce competition from digital gold giants such as Indfiagold (Alpha-Wave), Rupeek, Jar, Oro Money, and PhonePe—many with deeper pockets or integrated ecosystem play.
What It Means for Users?
If you were an active Plus Gold customer, here’s what happened:
- Access remains, so you can still log into the app to withdraw or convert your gold holdings.
- Fund access continues, as the founders insist no customer funds are trapped. The assets remain backed and secured by Gold held via partners like Augmont and ICICI Lombard Insurance.
- New features and growth are on hold, and the platform now functions only in maintenance mode.
In India and elsewhere, there is an increasing demand for digital Gold and alternative investments. But as the Plus Gold story demonstrates, differentiation, investment, and execution are more important than hype.
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