White Gold: India's Largest Organised Gold Buyer
White Gold wants to revolutionize the unorganized gold buying market in India through a network of gold buying stores.
Gold has been the credit card for the masses of India for several years now and it has an immense foothold in the Indian market. People are used to keeping most of their savings in the form of gold. White Gold is South India's largest organized gold buyer. They are on track to close the year FY 20 - 21 with revenues of more than 200 crores. The company is entirely bootstrapped and has managed to stay debt free till date. The company has over 60 branches and is spread across 3 states - Karnataka, Kerala and Tamil Nadu.
The gold buying market had largely been unorganized in the country. However, White Gold is looking to revolutionize this market with India's largest network of gold buying stores. By using Gold spectrometers to evaluate the gold, White Gold has broken the stigma associated with this industry that companies are fraudulent and that they give less money than what the gold is worth.
White Gold has overcome these challenges by using the latest technology to maintain transparency in its processes. This has brought about a significant change in the perceptions of the industry. Their market-leading testing and valuation practices have created a new standard in the industry and revolutionized how things work.
Scaling New Highs
White Gold has almost doubled its turnover this financial year and is steadfast on its path to close the year with revenues of 200 crores. By this year-end, Rahul - the founder of White gold has plans to expand the existing network of branches to 100 stores.
Over the coming 5 years, he aims to establish a network of 500 branches buying more than 6,000 kilograms of gold.
Talking about his overall goals, the young entrepreneur says – "We aim to revolutionize the purchase of old & pledged gold with the use of modern technology and ethical practices. Our goal is to be the country's leading organized gold buying and recycling company."
White gold has almost seen a doubling of footfall across its stores in India. This clearly shows that liquidity is the need of the hour of the common man. White Gold is glad they have been able to help thousands of people in their time of need. "The last 3 years of work and expansion have put us in a position to be in the right place today to reach more people. Although our expansions across states were slowed down due to the travel restrictions, we were able to impact a lot more lives during this period." Rahul Joseph
The Humble Beginnings
Much of the company's growth has been driven by Rahul Joseph, the founder of White Gold.
He stepped into the gold buying market with White Gold in the year 2017 with INR 5 crore of bootstrapped capital. He established this venture to help people by giving them liquidity during their times of need and provide them with the right value for their gold. Today, the company boasts of INR 200 crores in revenues and is the largest organized gold buyer in South India.
Rahul Joseph, who is just 26 years old today is by far one of youngest entrepreneurs we have interviewed to scale to such heights at such a young age. Rahul's dream was to build a company that brought in contemporary practices to an otherwise aged industry. Rahul has been the driving force behind the company's success with his highly detail-oriented approach and is looking to make White Gold the go to brand in India when a person looks to sell their gold!