Bold Finance powered by Antler helps you get credit against gold through the nearest jeweler

Gold has long served as one of the preferred savings instruments for Indians. There is also a tradition of using gold as collateral to borrow money: the full amount of credit against the gold jewelry was around Rs 74,000 crore from March 2022.

One of the reasons why Indians choose to lend against gold is that it is easily accessible: 65% of India’s total gold reserves are located in rural India. And then, just like personal loans, people can use credit for different purposes, ranging from working capital for their business, household expenses, or anything else.

Unsurprisingly, entities like Muthoot Finance and some startups including Rupeek and Indiagold are trying to take advantage of this space, which has remained largely unorganized. A startup based in Mumbai, bold financeit’s also making efforts to tap into this market with a new approach: letting people in tier 2 and 3 cities get credit through their nearest jeweler.

Think of us as “Oyo of gold lending,” said Bold Finance co-founder Durgesh Suthar. tracker while explaining the company’s proposal. The goal is to develop a network of jewelers and build a gold lending business on a much larger scale than any other bank or NBFC could do, she added.

Shruti Gupta | tracker


In a nutshell, Bold Finance partners with small jewelers and rebrands them as credit franchises. These jewelers approve gold loans using the company’s platform. On the backend, Bold Finance’s partner bank underwrites the loan.

Suthar highlighted that, unlike rival Rupeek, Bold Finance focuses on smaller cities and low- and middle-income groups. Additionally, the model helps open up the possibility of reaching deeper into an area compared to entities like Muthoot. For customers, your goal is to make things more accessible.

“Our reach in the geography in which we operate is also 3-5 times larger than Muhoot or similar competitors,” he stated.

Founded in November 2021 by Suthar and Nikhil Jain, Bold Finance raised an undisclosed sum in pre-seed funding from Antler earlier this year.

The company has partnered with 35 jewelers as of now and operates in the suburbs of Mumbai. At the moment, customers can obtain credit between Rs 10,000 and Rs 15 lakh for a period of six months through the platform.

In the next three to six months, the startup aims to expand its operations in the suburbs of Mumbai and gradually reach the Gujarat border in line with its focus on smaller cities. The company is contemplating expanding its product portfolio to add more services. Some of the possible new features of the platform include a gold savings plan, inspired by SIPs in the banking sector.

“Our vision is to enable financial freedom for ‘Bharat’, which is for the next 400 million users, who are mainly from low and middle income groups…we hope to become a code-free financial service provider for them” . jain said tracker.

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