Hyderabad-based Dru Gold draws out domestic expansion plan, overseas foray
Hyderabad: Hyderabad-based Dru Gold is planning to strengthen its presence in the domestic market by setting up additional branches and foraying into potential overseas markets by 2025 where gold consumption is high. The company has earmarked about Rs 45 crore for its expansion for the next 2-3 years. The gold and jewellery recycling company has […]
Hyderabad: Hyderabad-based Dru Gold is planning to strengthen its presence in the domestic market by setting up additional branches and foraying into potential overseas markets by 2025 where gold consumption is high. The company has earmarked about Rs 45 crore for its expansion for the next 2-3 years.
The gold and jewellery recycling company has been offering gold monetisation services through its 20 branches (set up over the last 20 months) spread across Telangana and AP and is now planning to add 50 new branches by the year 2023-24 across Karnataka, Tamil Nadu, Kerala, and parts of Maharashtra.
Akhilesh Agarwal, founder & CEO, Dru Gold told Telangana Today, “On the overseas front, we found out that Indonesia, Thailand, and Bangladesh markets have the potential to grow. So, we will be foraying into these markets in 2025. We will have at least 100 branches and make an investment of Rs 35 crore.”
He added, “For the domestic expansion, we expect to invest over Rs 12 lakh per branch on an average, with a cumulative investment of Rs 10 crore for the 50 branches we will create by 2024. During the pandemic, investment preferences have changed but gold continued to retain its share. The gold market has grown over the last two years. And we are bringing in trust and transparency in this largely unorganised market.”
The company has launched ‘True Value Gold Loans’ service, as part of which it aims to address the entire chain in helping consumers unlock maximum value for their gold. Using the new age karatometer valuation and technology, Dru Gold promises to offer an accurate and correct value for the gold. With easy and digital documentation, it will provide loans against gold and jewellery in less than 30 minutes, helping consumers get true value for their gold instantly.
Dru Gold entered a partnership with Fincare Small Finance Bank to process the loan services. Fincare Small Finance Bank has presence across 19 States/UTs.
Akhilesh Agarwal further added, from valuation to disbursement, the consumer’s journey is so frictionless that they do not feel any stress during the process. Gold loans are often fraught with opaque processes leading to doubts in the minds of consumers.
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