Only Company In India That Gives Platform To Buy/Sell Gold Is A Startup. Earned 83 Crores!

Gold is about status symbol & extravagance. It is a money in metal form and used for emergency financial assistance as it has only been increasing in value and is considered as a good investment. It is also an integral part of our tradition and it has taken a permanent place in all the auspicious events of our life (Hindu religion) Enough said , We Indians love gold and will keep buying it no matter what until they stop selling it.

There are plenty of options for people to buy gold. However, their options seem to be limited when on a lookout to sell the same in their time of need.  Seeing the gap and the huge opportunity in this market, Rahul Joseph founded White Gold

Journey
Rahul's upbringing has been in business driven family which belonged to real estate business. When he entered into his family business he realized that he need to start something of his own, creating his unique identity. HIs first company White Projects Private Limited was set up in 2015. Today, it has completed and delivered a 40-acre gated community called “White County” in the heart of Electronic City, Bengaluru.   White Projects gave him both experience, confidence and most importantly, a taste of success. So, he looked to get in a business that would be a hedge to real estate. Hence, he ventured into the gold business with White Gold with a bootstrapped capital of Rs 5 crore. 

White Gold aims to be the largest organised gold buying and recycling company in the country. They aim to revolutionize this industry by bringing in advanced technology, transparency and process into India’s gold buying market. White gold uses technology to evaluate and then buy used gold jewelry, thus creating liquidity for those in need.

Market Segment
Gold has an immense foothold in Indian markets, its growth over the past few decades is remarkable. Even though India is the second-largest consumer of this precious yellow metal, accounting for 25 percent of the world’s consumption. However, White Gold is not able to produce it locally from the mines or utilise the 25,000 tons of gold accumulated in the Indian household. 85 percent of the gold supply in India is primarily met through imports, less than one per cent coming from local mining and about 10 percent from recycling. 
Recycling of gold is a great initiative and is very crucial to India’s gold supply chain. Gold buying is the highest provider of used gold to the recycling industry, accounting for 90 to 95 percent. This segment is highly unorganized and probably the organized market share is around 10 percent or even less. 

Future Plan
White Gold aspired to be the largest organised gold buyer across India with at least 50 branches in each state. They are planning to expand the network of branches to 100 by this year and expand into one new state every year. The goal in the next five years is to have a network of 500 branches buying over 6,000 kg of gold per annum. Over the course, they will also aim to get an NBFC license and start giving gold loans. This will allow them to cater to the entire spectrum of needs our customers may have.