Shark Tank India-featured startup Plus Gold shut down its operations after raising over $1.2 million due to its inability to secure further funding.

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Founded in 2022 by Veer Mishra and Raj Parekh, Plus Gold aimed to make gold savings accessible via digital SIPs and flexible contributions.

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Despite its operational closure, the Plus Gold app remains live and has been transitioned to a new digital gold provider for continued user access.

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The platform had strong initial traction, with over 1 lakh downloads and partnerships with Augmont and ICICI Lombard for gold offerings and asset security.

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Plus Gold allowed users to convert digital gold into jewellery or cash with up to 5% added benefits, appealing to retail investors.

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Users have reported issues withdrawing funds post-shutdown; however, the company assures that all holdings are gold-backed and accessible.

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High operating costs, low margins, and a capital-intensive model contributed to the startup’s downfall despite early investor interest and term sheets.

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Plus Gold’s collapse follows a broader trend, as other digital gold startups like GoldPe also shut down due to unsustainable business models and funding droughts.

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