Plus Gold Strikes 400% MoM Growth
India’s affinity for gold jewellery has been well-known for ages. However, the recent spike in gold prices reduced the country’s consumption to 562.2 tonnes in 2023, a 6.39% dip from 600.6 tonnes of gold as jewellery in 2022, according to the World Gold Council. On the other hand, China raced to the top last year, consuming 630.2 tonnes of gold as jewellery. But away from the discretionary purchase of jewellery, this precious metal is rapidly gaining traction in India as an asset class. There has been an upsurge in the consumption of bullion (bars, coins and ingots) and investments in sovereign gold bonds (SGBs) since 2022. In fact, the December quarter (Q3 FY24) saw a record rise in SGB investments, reaching 12.1 tonnes at a little over INR 7.5K Cr. In contrast, investing through legacy banks/FIs can be cumbersome. It requires a lump sum down payment equivalent to the gold value, has stringent upper limits and long lock-in periods (a minimum of five years). Moreover, returns are pretty low, an annual interest rate of 2.5% in case of sovereign gold bonds issued by the RBI. Private jewellers offer EMI-based gold-buying schemes, but these also lack flexibility. One can only buy from a specific jeweller instead of browsing through a varied marketplace and may have to pay exorbitant prices. Also, missing a single EMI may lead to the forfeiture of the benefits accrued. According to investment professionals, a high-value commodity like gold needs staggered buying to avoid short-term volatility. Gold gains can only boom when buyers have the much-needed flexibility to choose their timing and price. Otherwise, it will invariably turn into a lead weight in one’s portfolio. Plus Gold and its ilk are offering small-time gold investors that rare opportunity to choose their product, price and pace. Hence, it should be a win-win for the gold savings fintech, its users and jeweller partners in the long run.
EvolveX Backs EcoRatings: Empowering Consumers with Data-Driven Sustainability Assessments
EcoRatings, founded by a team of experienced professionals with backgrounds in impact assessment, technology, and business development, provides numerical sustainability ratings based on the United Nations’ 17 Sustainable Goals Framework.
EvolveX Invests in Cashvisory: Democratizing Financial Advice for the Next Generation
Empowering Young Professionals Through a DIY Financial Platform At EvolveX, we believe in empowering individuals with the tools and knowledge to achieve their financial goals. That’s why we’re proud to announce our participation in the pre-seed funding round for Cashvisory, a DIY financial advisory platform that’s making financial planning accessible to everyone. Cashvisory, co-founded by Arpita Sinha and Utkarsh Chaudhary, offers a user-friendly digital platform that simplifies complex financial concepts through a gamified approach and real-time what-if analysis. This allows young professionals, regardless of their financial background, to make informed investment decisions with confidence. Why We Invested in Cashvisory: EvolveX’s Role in Cashvisory’s Growth: Beyond financial support, EvolveX is committed to providing Cashvisory with the resources and mentorship needed to achieve their goals. We will work closely with the founders to: We’re confident that Cashvisory has the potential to revolutionize the way young professionals approach financial planning. By making financial advice accessible and engaging, Cashvisory is empowering the next generation to build a secure financial future. Learn more about Cashvisory and their innovative approach to financial planning by visiting their website.