Saving money has become much more convenient in a world dominated by technology and digital transactions. However, a large percentage of people in India continue to avoid saving for a variety of reasons. One persistent issue is the impression that conserving money is boring.
GoldPe, a trailblazing project led by Parth Shah and Yaagni Raolji, is determined to remedy this issue. With their diverse backgrounds and a same vision, these two adventurous minds set out to found GoldPe, a business on a mission to change the way the younger generation looks and engages with saving money.
Its Craftsmanship and Diverse Expertise
A powerful notion underpins GoldPe’s creation: to inject excitement, engagement, and rewards into the act of saving for young Indians. The creators discovered early on that traditional savings solutions did not resonate with the younger audience. This insight prompted them to look for novel ways to combine the joy of gaming with the discipline of saving. This combination came to fruition when they noticed the enormous popularity of Real Money Games in India. The appeal of potentially large payouts became the cornerstone of GoldPe’s concept – the launch of a Prize Linked Savings App designed specifically for India.
Parth Shah’s contribution was a well-balanced blend of abilities. He has earned essential expertise working with finance firms as an MBA dropout and computer engineer by degree. Parth worked as a Product Manager at Signzy before co-founding GoldPe, leading their portfolio of API solutions. Yaagni Raolji’s journey, on the other hand, involved changing from a computer engineer to a consultant. He worked at Mastek for nearly two years as an Oracle payroll specialist, focused on developing cloud solutions for large international corporations in the UK.
Embracing Global Insight
Although prize-linked savings is not a new concept, it has been successfully implemented in a number of countries over the years. For example, during Parth’s childhood in Kuwait, banks such as Gulf Bank conducted enduring and popular draws such as Al-Danah, giving depositors a chance to win one million Kuwaiti Dinars, roughly $3.5 million USD. Similarly, nearly 23 million people in the United Kingdom participate in Premium Bonds, a government-sponsored program that gives the chance to win large prizes, including £1 million.
Parth and Yaagni set out to introduce this new concept to the Indian market after drawing inspiration from successful models in places such as Kuwait and the United Kingdom, where prize-linked savings have gained universal acceptability. They created a smartphone app that allowed users to store in digital gold with the introduction of GoldPe in mid-April 2023. The one-of-a-kind twist? Every savings contribution earned the user tickets for a weekly draw with intriguing prizes as a reward. The more money users save, the more tickets they accumulate, increasing their chances of winning.
Combining Savings and Gamification
GoldPe’s unique method of combining savings and gamification immediately distinguished it from standard savings platforms. Users could obtain 10 tickets by saving a minimum of Rs 100, with prizes ranging from Rs 1 to an astonishing Rs 10 lakh. The engagement element was increased even further by revealing a winning number every day from Monday to Saturday, heightening the excitement. Despite having a small team of five people, GoldPe has grown significantly in a short period of time. Month after month, the firm saw a threefold growth in users, topping 100,000 downloads. Over 70% of these users were referred, demonstrating the product’s widespread appeal in India. The Prize-Linked Savings concept resonated with the audience, resulting in over 18,000 unique users winning weekly draws.
Traditional Savings Are Being Disrupted
GoldPe’s creative strategy emerged as a disruptive force in a field overflowing with conventional savings apps. The firm recognized that the modern generation desired more than simply a user-friendly interface; they desired an experience that reflected their values and goals. GoldPe did more than just make saving easier; it also made it more enjoyable, engaging, and rewarding.
Beyond Gold Vision
In the future, GoldPe’s ambition goes beyond digital gold savings. The founders intend to broaden their Prize-Linked Savings concept to include other financial instruments such as fixed deposits, bonds, mutual funds, and others. With growth in mind, the firm is aggressively seeking funding to expand their marketing efforts and product offers. The GoldPe story demonstrates how creativity and vision can disrupt traditional industries. Parth Shah and Yaagni Raolji’s path from spotting a need to creating a solution that empowers and thrills young Indians is an inspiring story of business in the digital age. As GoldPe evolves and expands, it is ready to revolutionize people’s interactions with their finances, one exhilarating savings ticket at a time.
