JITO Angel Network backs jewellery savings platform PLUS
04 January 2023, India: JITO Angel Network (JAN), the only global community-based Angel network in India, led a group of marquee investors to invest an undisclosed amount in unique savings app-based platform Plus.
Co-founded by serial entrepreneurs Raj Parakh and Virendra Mishra, Plus is developing a fintech platform to enable Indian homemakers to grow their savings without taking on any risk. The Plus app will help customers pre plan their jewellery purchases in advance.
Along with JITO Angel Network there was participation from Venture Catalyst, WeFounder Circle and a host of high net-worth individuals (HNIs) including the likes of Mr. Abhay Tandon, Mr. Vijay Rajagopal, Mr. Vineet Saxena & many others in this funding round.
“We are very excited to support Plus in their plan to build India’s first jewellery savings app. It is a one-of-its-kind idea that is bound to find resonance with Indians who traditionally park their excess funds in jewellery items.,” said Pooja Mehta Chief Investment Officer, JITO Angel Network.
Plus intends to use the corpus to build the product market fit for the app and strengthen its founding team in order to validate the initial signs of scale. It aims to achieve GMV/GTV of Rs. 100 crores over the next 8 – 12 months.
“We have the first mover advantage in the jewellery savings segment as the first solution provider that is seeking to digitise the age-old behaviour of saving for jewellery,” said Virendra Mishra, Co-Founder, Plus. “The app is also aimed at assisting Indian homemakers in their financial independence journey and in entrepreneurial aspirations. We are thankful to JITO Angel Network for placing their trust in our idea.”