28th March 2022:
Staying true to its vision of building a more productive, inclusive, and financially secure Bharat, Siply floats a new scheme that makes gold accessible to all. Now, you can set yourself the goal of buying gold by saving daily in small amounts and thus covering the stipulated monthly installment at your own pace. Indeed, Siply makes owning a gold coin both easy and affordable.
Founded by Sousthav Chakrabarty and Anil Bhat in 2020, Siply is already making inroads into Bharat as a preferred financial services brand. Its mission is to service the 40 crores underserved Indians who lie outside the country’s formal banking system. This segment consists of small business owners, contract workers, blue-collar workers, and gig economy workers who require schemes and plans that allow them to save small but intelligently. Siply nails this by offering sachet financial services wherein the investment can be as low as Re 1.00.
With its customer demographics clearly in mind, Siply has tailored its new Gold Savings Scheme to allow users to buy 24k gold coin at the most affordable price ever! Depending on your financial situation, you can choose to buy a gold coin that weighs either 0.5gm or 1 gm. Installments start at just Rs 450 per month for a 1gm gold coin and Rs 250 for a 0.5 gold coin. These installments need to be paid over a period of 10 months, but the monthly amount can be broken up into smaller parts to suit your convenience. Considering the current market price of gold – Rs 5,700 per gram – this is a steal! You pay just Rs 4,500 for a gram of gold and Rs 2,500 for half a gram.
“Buying gold in installments has never been this easy or profitable,” emphasizes CEO and founder, Sousthav Chakrabarty. “Users can enjoy the twin benefits of getting a good discount and the option of breaking down their monthly payments into smaller amounts over the entire month,” He adds. What’s more, if you happen to miss an installment, you can always cover it up any time within those 10 months. The scheme also protects against market price fluctuations commonly associated with gold. “Even if the market price of gold increases, Siply users can continue with the rate they started the scheme with,” assures Chakrabarty. At the end of 10 months, the coin is delivered to the buyer at no extra charge.
With a whopping base of 1.5 million users, Siply is poised to attract even more with its latest offering. With over 2 million transactions amounting to a total savings of Rs 175 crores since its inception, this fintech is growing by leaps and bounds. It has already disbursed more than 50,000 loans amounting to 30 crores through its micro-credit service launched as recently as July, 2021. Its loan book has grown at the astounding rate of 150% month-on-month. The company recently raised USD 4 million in equity and debt in a Pre-Series A round led by LetsVenture and Founder Room Circle.
Armed with resources and vision, Siply is driven to ensure that every Indian has access to suitable saving and investment instruments. The Gold Savings Scheme is pure gold.
