India Gold Metaverse Private Limited
1 MAbout India Gold Metaverse Private Limited
A Comprehensive Overview of Price & Journey
Understanding India Gold Metaverse Private Limited Inception and Growth
Overview
India Gold Metaverse (IGM) is a Mumbai-based company. It started only two years ago and has not made much money yet. It intends to make buying and selling gold in India safer and more trustworthy. It is not just an app for buying gold on your phone. The team and leadership bring years of experience and business acumen to the table, even though the company is new.
What does the India Gold Metaverse do?
Incorporated in August 2023, the company seeks to provide a trustworthy platform for India’s gold and jewellery trade. Even the company itself describes this market as fragmented, non-transparent, and poorly integrated. Instead of offering a single product, IGM seeks to attract individual vendors, jewelers, and other stakeholders.
Its offerings include:
- GoldSense: a small machine that checks if gold is real and pure. It costs less than the old machines, and it is harder to trick than traditional XRF-based testing equipment
- RamMudra: a way to own gold online, kept safe with a custodian, using special computer technology called blockchain.
- Elanzia: an online shop where jewelry sellers can show and sell their things.
- BullionX: a place where big gold traders can buy and sell large amounts of gold.
All four are about helping people trust gold buying and selling more.
How does the company make money?
The company has not made much money yet. During the fiscal year ending March 2025, it made less than ₹10 crore. That is a small amount for a company that has already raised about ₹92 crore from investors. This means it has spent a lot of money building its product suite, but has not been able to break even yet. The single most important number is the gap between capital deployed and revenue generated, and in this case it implies that IGM is still in build and provide mode and not fully commercialized.
It might make money by selling or renting the GoldSense machines, charging small fees on RamMudra and Elanzia, or earning money from BullionX trades. But we do not know yet which of these is actually contributing meaningfully.
Who are its competitors?
RamMudra looks a bit like other digital gold apps, such as SafeGold, MMTC-PAMP, and Augmont Gold. Those apps are already very popular. Millions of people use them through apps like Paytm and PhonePe.
IGM probably cannot beat those bigger apps for regular shoppers. But maybe that is not what IGM wants to do. It may be trying to help the businesses that buy and sell gold in bulk, not everyday shoppers. If that is true, its real competitors are old gold-testing machines and small, informal traders, not the big apps.
How has the company done so far?
The company is very young. It started in 2023, so there is not much history to look at yet. It made less than ₹10 crore last year and has ₹92 crore from investors. Its money coming in is growing fast, but it is also losing a lot of money. That is normal for a young company still building things, not yet trying to make a profit.
Who buys from the company?
Different kinds of people and businesses use its products:
- Jewelry shops use GoldSense and Elanzia.
- Banks and lenders use GoldSense to check gold before giving loans.
- Regular people use RamMudra to buy digital gold and Elanzia to buy jewelry.
- Big gold traders use BullionX.
Should you invest in this company?
The people running IGM know a lot about gold and finance businesses already, which is a good sign. But the company has not made much money yet, and it is trying to do four big things at the same time, which is risky. IGM is not a direct challenger to SafeGold, Aumont or MMTC-PAMP – it would not be able to compete in distribution alone. Hence, it can be read as a bet on India’s fragmented, trust-deficient bullion and jewellery trading heading towards formalization. RamMudra uses blockchain technology, and the rules for this kind of technology in India are still changing. That adds more risk. GoldSense provides AI-based purity certification, and Elanzia is the jeweler-facing distribution layer.
Two things should temper enthusiasm regardless of how the team is read. First, the vision is running well ahead of the P&L — sub-₹10-crore revenue against roughly ₹92 crore of paid-up capital and four concurrently-funded product lines is a "spread thin, prove nothing yet" profile, a pattern that trips up even well-pedigreed teams. It's worth watching which one of GoldSense, RamMudra, Elanzia, or BullionX shows real commercial traction before getting bullish on the whole platform. Second, RamMudra's blockchain/token structure sits in India's still-evolving digital-asset regulatory environment — digital gold itself is not currently a regulated financial product in India, and a token-based ownership layer adds a further layer of regulatory uncertainty beyond what SafeGold, Augmont, or MMTC-PAMP carry today.
There's also a specific, and easy to overlook, red flag: IGM has published a public caution notice on its own website, warning that unauthorized individuals and brokers are falsely claiming to represent the company and offering to sell its shares. That notice is itself a useful signal — it suggests informal secondary-market interest in IGM shares is being driven by the founders' reputations and gold's price rally rather than by demonstrated business results, and that unlisted-share dealers are already using the name as bait. Any grey-market price quoted for IGM shares should be treated as unverified until the company itself announces a priced funding round.
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Overview
India Gold Metaverse (IGM) is a Mumbai-based company. It started only two years ago and has not made much money yet. It intends to make buying and selling gold in India safer and more trustworthy. It is not just an app for buying gold on your phone. The team and leadership bring years of experience and business acumen to the table, even though the company is new.
What does the India Gold Metaverse do?
Incorporated in August 2023, the company seeks to provide a trustworthy platform for India’s gold and jewellery trade. Even the company itself describes this market as fragmented, non-transparent, and poorly integrated. Instead of offering a single product, IGM seeks to attract individual vendors, jewelers, and other stakeholders.
Its offerings include:
- GoldSense: a small machine that checks if gold is real and pure. It costs less than the old machines, and it is harder to trick than traditional XRF-based testing equipment
- RamMudra: a way to own gold online, kept safe with a custodian, using special computer technology called blockchain.
- Elanzia: an online shop where jewelry sellers can show and sell their things.
- BullionX: a place where big gold traders can buy and sell large amounts of gold.
All four are about helping people trust gold buying and selling more.
How does the company make money?
The company has not made much money yet. During the fiscal year ending March 2025, it made less than ₹10 crore. That is a small amount for a company that has already raised about ₹92 crore from investors. This means it has spent a lot of money building its product suite, but has not been able to break even yet. The single most important number is the gap between capital deployed and revenue generated, and in this case it implies that IGM is still in build and provide mode and not fully commercialized.
It might make money by selling or renting the GoldSense machines, charging small fees on RamMudra and Elanzia, or earning money from BullionX trades. But we do not know yet which of these is actually contributing meaningfully.
Who are its competitors?
RamMudra looks a bit like other digital gold apps, such as SafeGold, MMTC-PAMP, and Augmont Gold. Those apps are already very popular. Millions of people use them through apps like Paytm and PhonePe.
IGM probably cannot beat those bigger apps for regular shoppers. But maybe that is not what IGM wants to do. It may be trying to help the businesses that buy and sell gold in bulk, not everyday shoppers. If that is true, its real competitors are old gold-testing machines and small, informal traders, not the big apps.
How has the company done so far?
The company is very young. It started in 2023, so there is not much history to look at yet. It made less than ₹10 crore last year and has ₹92 crore from investors. Its money coming in is growing fast, but it is also losing a lot of money. That is normal for a young company still building things, not yet trying to make a profit.
Who buys from the company?
Different kinds of people and businesses use its products:
- Jewelry shops use GoldSense and Elanzia.
- Banks and lenders use GoldSense to check gold before giving loans.
- Regular people use RamMudra to buy digital gold and Elanzia to buy jewelry.
- Big gold traders use BullionX.
Should you invest in this company?
The people running IGM know a lot about gold and finance businesses already, which is a good sign. But the company has not made much money yet, and it is trying to do four big things at the same time, which is risky. IGM is not a direct challenger to SafeGold, Aumont or MMTC-PAMP – it would not be able to compete in distribution alone. Hence, it can be read as a bet on India’s fragmented, trust-deficient bullion and jewellery trading heading towards formalization. RamMudra uses blockchain technology, and the rules for this kind of technology in India are still changing. That adds more risk. GoldSense provides AI-based purity certification, and Elanzia is the jeweler-facing distribution layer.
Two things should temper enthusiasm regardless of how the team is read. First, the vision is running well ahead of the P&L — sub-₹10-crore revenue against roughly ₹92 crore of paid-up capital and four concurrently-funded product lines is a "spread thin, prove nothing yet" profile, a pattern that trips up even well-pedigreed teams. It's worth watching which one of GoldSense, RamMudra, Elanzia, or BullionX shows real commercial traction before getting bullish on the whole platform. Second, RamMudra's blockchain/token structure sits in India's still-evolving digital-asset regulatory environment — digital gold itself is not currently a regulated financial product in India, and a token-based ownership layer adds a further layer of regulatory uncertainty beyond what SafeGold, Augmont, or MMTC-PAMP carry today.
There's also a specific, and easy to overlook, red flag: IGM has published a public caution notice on its own website, warning that unauthorized individuals and brokers are falsely claiming to represent the company and offering to sell its shares. That notice is itself a useful signal — it suggests informal secondary-market interest in IGM shares is being driven by the founders' reputations and gold's price rally rather than by demonstrated business results, and that unlisted-share dealers are already using the name as bait. Any grey-market price quoted for IGM shares should be treated as unverified until the company itself announces a priced funding round.
Fundamentals
Financials
All values are INR Cr except per share value
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ASSETS
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LIABILITIES
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| Reserves And Surplus |
| Other Equity |
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Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| Promoter Holding | Promoter | 74.50% |
| Public | Public | 25.50% |
Events
| Name | Date | Details |
|---|---|---|
| No events available. | ||
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of India Gold Metaverse varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.