Hello, listeners, and welcome back to First Principles, Episode 48, or the 7th episode of season 3.

The host, Rohin Dharmakumar, first crossed paths with Deepak Abbot back in April 2015, even before The Ken had been founded. Rohin was chasing down an insightful breakdown of the tech ecosystem's huge user numbers during the Free Basics debate, and Deepak, a veteran operator and former product head at Paytm, was the go-to source for his data-filled, analytical posts.

That same data-driven curiosity is what led Deepak to walk away from corporate life in 2019. He was clear: he didn't want to just manage; he had years left to actively "build products, you know, with my own hands". What he built was Indiagold, targeting the massive opportunity of gold in a market VCs often dismissed as an 'old economy product'.

In this episode, Rohin sat down with Deepak Abbot, co-founder of Indiagold, to discuss how they are transforming India's massive $1.5 trillion gold reserve—an asset often locked away and doing nothing—into a productive force. Deepak calls this gold a "dead asset" and explains that Indiagold’s mission is to change the mindset around it. They are not just giving gold loans; they are monetising a secured asset for the 250 million Indians who are excluded from formal credit due to thin or non-existent credit scores. By enabling customers to safely leverage their gold reserve, the company helps jumpstart a formal credit history and provides essential working capital.

Listen in as Deepak charts his operator-to-founder journey, shares how he navigated initial VC skepticism, and details the strategy behind turning a seemingly archaic commodity into a modern fintech solution for one of India’s most fundamental credit problems. Plus, a fascinating look inside a unique company culture, including why Indiagold operates without a CEO.

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This episode was mixed and mastered by Rajiv CN.

Write to us at fp@the-ken.com with your feedback, suggestions, and guests you would want to see on First Principles.

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Part 1: Indiagold's Deepak Abbot on turning a nation's 'dead asset' into credit scores and working capital

First Principles