Yellow Metal, a lender of gold loans located in Bengaluru, has raised $3 million in a seed investment round headed by MSA Novo, a multi-stage venture capital firm, with participation from Spiral Ventures, a Japanese VC firm, and current investors WaterBridge Ventures and Java Capital.
According to the firm, the additional funding will help extend technology team operations across 25 new markets inside and outside of Karnataka and also provide new types of asset-backed lending that are necessary for customers in rural India.
The startup will spend money enhancing its mobile-optimized proprietary loan management system.