Pune Inc: Unlocking India’s idle gold—how the son of a Pune ration shopkeeper bet big on a sleeping asset
Mahendra Luniya founded Vighnaharta Gold, an aggregator platform where people can trade in digital gold in a way that they cannot in the stock market, in 2011.
In 2011, Mahendra Luniya founded Vighnaharta Gold, an aggregator platform where people can trade in digital gold in a way that they cannot in the stock market. (Express photo)
If Mahendra Luniya had followed the family script, he would have been running a ration shop in Pune’s Mundhwa. Instead, at 20, he decided to shake things up and make the family’s ration shop business bigger—similar to how supermarkets run businesses today. “My father, my grandfather and my uncles, everybody turned down my idea,” says Luniya. “In response, I decided to reject them.”
Luniya went on to become a moneylender and a SEBI-registered broker. But his mind never stopped churning with ideas. “I noticed a little-discussed paradox. Indian households hold massive amounts of physical gold, yet much of it remains economically idle,” he says.
Luniya felt he was on to something big. He calculates that, even today, if 25 crore middle-class homes in India have 200 gm of gold each lying in lockers, it means 50,000 tonnes of gold, worth more than Rs 1,000 lakh crore by the present rate, is lying idle.
Back in 2008, Luniya decided to dig deeper. He spent eight years developing a platform to make gold more accessible, transparent and productive.
In 2011, he founded Vighnaharta Gold, an aggregator platform where people can trade in digital gold in a way that they cannot in the stock market. The company has more than 10,000 customers from across the world.
Luniya has a nerd’s penchant for numbers and a miner’s knack for finding gold in hidden spaces. A conversation with him makes you realise that there is more to the yellow metal than the glow of wedding jewellery or the guarantee of future safety that is locked away in a bank.
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Vighnaharta Gold offers investment opportunities through products, such as Gold Booking and Gold Deposit. In the first, you can “book” a certain amount of gold for a few years at interest-free EMIs.
“If you want to buy 100 gm gold, you don’t need to pay the entire amount straight up. You have a flexible EMI for 12, 24, 36, 48 or 60 months, as well as a one-time processing fee. Your first EMI and the processing fee of 2 per cent—3 per cent per gram is based on the tenure you choose. You pay a processing fee and your first EMI amount and your gold rate is locked for your selected tenure. You pay the balance amount in equal and easy EMIs,” says Luniya.
Once the EMIs are completed in the tenure, the booked gold will be delivered physically from the jeweller of the investor’s choice across India. Customers who don’t want physical gold can get the delivery in cash. “We have carried out 500 kg worth of Gold Booking and delivered 200-300 kg worth of gold to customers,” says Luniya.
Gold Deposits, on the other hand, allows people to deposit their “idle 24k 99.5 per cent purity gold with the company and the investment can grow at 4 per cent gold quantity per annum”. The company’s customers range from lower-income households to prominent jewellers to traders to investors.
Upward curve
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The war in the Middle East has hit the bullion market and taken many experts by surprise as gold is considered a hedge against uncertainties. Luniya, however, is predicting a brighter future: “By the end of the year, we will see gold prices rise to Rs 2.42 lakh and, by 2029, you will see it rise to Rs 3.30 lakh”.
He adds that, even when gold prices soared widely—reaching historic highs of more than 74 per cent during 2025—and fell, as is happening at present, the stream of investors with his company has continued. “I have booked gold for them when it was very expensive. They are facing a loss right now, but, in the next few years, they will reap a rich return,” he says.
Dipanita Nath is a Senior Assistant Editor at The Indian Express, based in Pune. She is a versatile journalist with a deep interest in the intersection of culture, sustainability, and urban life.
Professional Background
Experience: Before joining The Indian Express, she worked with other major news organizations including Hindustan Times, The Times of India, and Mint.
Core Specializations: She is widely recognized for her coverage of the climate crisis, theatre and performing arts, heritage conservation, and the startup ecosystem (often through her "Pune Inc" series).
Storytelling Focus: Her work often unearths "hidden stories" of Pune—focusing on historical institutes, local traditions, and the personal journeys of social innovators.
Recent Notable Articles (December 2025)
Her recent reporting highlights Pune’s cultural pulse and the environmental challenges facing the city during the winter season:
1. Climate & Environment
"Pune shivers on coldest morning of the season; minimum temperature plunges to 6.9°C" (Dec 20, 2025): Reporting on the record-breaking cold wave in Pune and the IMD's forecast for the week.
"How a heritage tree-mapping event at Ganeshkhind Garden highlights rising interest in Pune’s green legacy" (Dec 20, 2025): Covering a citizen-led initiative where Gen Z and millennials gathered to document and protect ancient trees at a Biodiversity Heritage Site.
"Right to breathe: Landmark NGT order directs PMC to frame norms for pollution from construction sites" (Dec 8, 2025): Reporting on a significant legal victory for residents fighting dust and air pollution in urban neighborhoods like Baner.
2. "Hidden Stories" & Heritage
"Inside Pune library that’s nourished minds of entrepreneurs for 17 years" (Dec 21, 2025): A feature on the Venture Center Library, detailing how a collection of 3,500 specialized books helps tech startups navigate the product life cycle.
"Before he died, Ram Sutar gave Pune a lasting gift" (Dec 18, 2025): A tribute to the legendary sculptor Ram Sutar (creator of the Statue of Unity), focusing on his local works like the Chhatrapati Shivaji statue at Pune airport.
"The Pune institute where MA Jinnah was once chief guest" (Dec 6, 2025): An archival exploration of the College of Agriculture, established in 1907, and its historical role in India's freedom struggle.
3. Arts, Theatre & "Pune Inc"
"Satyajit Ray, Ritwik Ghatak were not rivals but close friends, says veteran filmmaker" (Dec 17, 2025): A deep-dive interview ahead of the Pune International Film Festival (PIFF) exploring the camaraderie between legends of Indian cinema.
"Meet the Pune entrepreneur helping women build and scale businesses" (Dec 16, 2025): Part of her "Pune Inc" series, profiling Nikita Vora’s efforts to empower female-led startups.
"How women drone pilots in rural Maharashtra are cultivating a green habit" (Dec 12, 2025): Exploring how technology is being used by women in agriculture to reduce chemical use and labor.
Signature Style
Dipanita Nath is known for intellectual curiosity and a narrative-driven approach. Whether she is writing about a 110-year-old eatery or the intricacies of the climate crisis, she focuses on the human element and the historical context. Her columns are often a blend of reportage and cultural commentary, making them a staple for readers interested in the "soul" of Pune.
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