# Orocorp Technologies Private

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/orocorp-technologies-private

- Industry: Financial Services
- Headquarters: Chennai, India
- Website: www.orocorp.in
- Total disclosed funding: $18M
- Latest round: Series B (Jun 9, 2023)
- Investors on record: 4

## About

Based in Chennai, India, and Founded in 2020 by Parth Shah, Sreekesh Krishnan and Rakesh Mani, Orocorp Technologies Private Limited operates as a provider of gold loan platform. In February 2022, Orocorp Technologies Private Limited raised INR 360 million in series A funding led by new investor 021 Capital, with participation from another new investor PremjiInvest. 

Orocorp Technologies Private Limited develops a platform Oro Money, which provides gold loans at an annual interest rate. The customers need to schedule an appointment and submit documents for KYC verification for the loan to be processed to the company's agent which includes ID proof such as PAN card, passport, and address proof such as driver’s license, Aadhar card, etc. The company then values the customer's jewellery using touchstone method and then transfers the money in the bank account. The company also provides access to Godrej Secunex lockers to customers to keep their gold safe.

The company generates revenue by charging annual interest rates of 9.48% for more than INR 10 lakhs of loan, 1.25% for INR 5 - 10 lakhs, 1.39% for INR 2 - 5 Lakhs and 1.54% for less than INR 2 lakhs of loan. The company also generates revenue by charging customers annually for lockers according to the locker size chosen.

Orocorp Technologies Private Limited plans to start operations in the cities of Pune and Coimbatore.

## Funding rounds

- Series B, Jun 9, 2023, $13M — Singularity AMC, PremjiInvest, Xeed Ventures, Three State Capital
- Series A, Aug 26, 2021, $4.8M — PremjiInvest, Xeed Ventures

## Investors

- PremjiInvest (https://capitalatlas.ai/funds/premjiinvest) — Series A, Series B
- Xeed Ventures (https://capitalatlas.ai/funds/xeed-ventures) — Series A, Series B
- Singularity AMC (https://capitalatlas.ai/funds/singularity-amc) — Series B
- Three State Capital — Series B