India Gold Metaverse raises ₹300 crore to digitise India's gold economy
What's the deal? India Gold Metaverse (IGM) has raised ₹300 crore (roughly $31.3 million) in a growth equity round to build integrated digital infrastructure for India's gold economy. Backers include investor Ashish KacholiaDealroom has a profile for this one. Try Dealroom →, plus the Jagdish Master, WaareeDealroom has a profile for this one. Try Dealroom →, Ravi Sheth, and Anuj Sheth family offices. Pantomath Group facilitated the raise through a private placement and secondary component.
What's the endgame? IGM combines blockchain, artificial intelligence, and financial-market technology across four interconnected platforms. These span Elanzia, an aggregation platform for jewellers and bullion participants; RamMudra for blockchain-enabled digital gold; GoldSense, an AI purity verification engine; and BullionX, an institutional trading layer for price discovery, liquidity, and settlement.
Where the money goes: IGM will use the capital to develop technology, commercialise products, expand its ecosystem, pursue regulatory initiatives, and grow its team.
Why now? Managing director and chief executive officer Lamon Rutten said the placement validates the belief that "India's gold industry is ready for a technology-led transformation." Jignesh Shah, founder of 63 Moons, serves as IGM's mentor and coach.
The signal: IGM is betting it can formalise one of India's largest traditional industries by putting jewellers, investors, and financial institutions on a single ecosystem. The participation of established investors, Pantomath's Mahavir Lunawat said, "reflects confidence in both the scale of the opportunity and the leadership team's ability to execute a long-term vision."
Read more: The Hindu BusinessLine
