Gold Savings Startup Plus Gold Shuts Down, a Year After Featuring on Shark Tank India
In a shocking turn of events, Plus Gold, a gold savings startup that gained fame after featuring on Shark Tank India, has shut down its operations. The startup’s co-founder and former CEO, Veer Mishra, revealed the news to Inc42, citing the inability to secure further capital as the reason behind the shut down.
Plus Gold was one of the most promising startups that appeared on the first season of Shark Tank India, a popular reality TV show that brings together entrepreneurs with investors to pitch their business ideas. The startup raised $1.2 million in funding after impressing the sharks with its innovative concept of allowing users to invest in gold through a mobile app.
However, despite the initial success, Plus Gold failed to sustain its growth and eventually ceased operations. In an exclusive interview with Inc42, Mishra revealed that the startup struggled to secure further capital to fuel its growth and expansion plans.
“We tried to raise more capital, but unfortunately, we couldn’t secure it. We had a strong team and a good product, but we needed more funding to take the business to the next level,” Mishra said.
The shutdown of Plus Gold is a significant setback for the startup ecosystem in India, which has been witnessing a surge in fintech and digital gold investments. The startup’s failure to secure further capital has raised questions about the sustainability of such businesses and the need for entrepreneurs to have a robust plan for scaling up their operations.
Plus Gold’s demise is also a cautionary tale for startups that rely heavily on funding to drive their growth. The startup’s inability to secure further capital has left its customers and investors with significant losses.
“When we started Plus Gold, we were confident that our innovative approach to gold savings would disrupt the traditional gold investment market. However, despite our best efforts, we were unable to secure the funding we needed to take the business to the next level,” Mishra said.
The shutdown of Plus Gold has also raised questions about the role of Shark Tank India in promoting startups. While the show has provided a platform for entrepreneurs to showcase their ideas and attract funding, it has also been criticized for creating unrealistic expectations and promoting unsustainable business models.
Plus Gold’s shutdown is a reminder that success on Shark Tank India is no guarantee of long-term sustainability. The show’s investors are often more interested in the potential returns on their investment rather than the long-term viability of the startup.
In a statement, Mishra thanked the startup’s customers, partners, and investors for their support and acknowledged the startup’s failure to deliver on its promises.
“We are grateful to our customers who trusted us with their investments and to our partners who supported us throughout our journey. However, we acknowledge that we failed to deliver on our promises and for that, we apologize,” Mishra said.
The shutdown of Plus Gold has also led to the transition of its app and customer infrastructure to a “credible digital gold player”. Mishra declined to disclose the name of the new company, but confirmed that the transition was initiated to ensure a smooth experience for Plus Gold’s customers.
In conclusion, the shutdown of Plus Gold is a significant setback for the startup ecosystem in India and a reminder of the importance of having a robust plan for scaling up operations. The startup’s inability to secure further capital has raised questions about the sustainability of fintech and digital gold investments, and its failure to deliver on its promises has left its customers and investors with significant losses.
As the startup ecosystem in India continues to evolve, entrepreneurs and investors must be cautious of the risks involved and prioritize sustainability and scalability over short-term gains. The shutdown of Plus Gold serves as a reminder that success is not just about attracting funding, but also about building a sustainable business that can weather the challenges of the competitive startup landscape.
Source:
https://startupnews.fyi/2025/07/31/shark-tank-fame-plus-gold-shuts-shop/
