SaaS startup Gold Setu helps unorganised jewellery retailers go digital, free of cost

The jewellery market in India is dominated by small and medium jewellery stores, many of whom have been left behind in the post-pandemic race for digitisation. As with everything else, the pandemic also changed how people shopped for jewellery, and this shift in shopping behaviour means customers now prefer to browse a store’s app or website or both.

Helping jewellery stores go online is Bengaluru-headquartered Gold Setu, a startup that aims to facilitate the digitisation process of unorganised jewellery retailers in a seamless manner.

Founded by Vikas Verma and Anuj Sachdev in 2021, the startup has unveiled a Software as a Service (SaaS) platform for the jewellery industry, where stores, particularly small-sized ones, are able to provide multiple online services like showcasing their products, buying digital gold, making payments etc.

The founders of Goldsetu come from differing backgrounds. Vikas has spent more than a decade in the venture capital and private equity industry while Anuj, a technologist, has successfully exited from his two previous ventures as an entrepreneur.

Both Vikas and Anuj wanted to enter an entrepreneurial space that was large in value, but relatively untouched by technology. They looked at agriculture and jewellery spaces and zeroed in on the latter.

The value of the jewellery market in India has grown from Rs 3,437 billion in 2016 to Rs 6,180 billion in 2021, according to Statista. This industry has over three lakh players contributing around 7 per cent of the country’s gross domestic product and is projected to touch a size of $100 billion by 2023.

Preventing them from going online are many factors, chief of them all being cost. Small and medium store owners find it difficult to design and run a full-fledged website and find it even harder to keep up the maintenance.

Courtesy: Your Story