Savings & Investment Startup Gullak Raises Seed Funding To Offer New Financial Products

Bengaluru-based savings and investment startup Gullak has raised a funding of $3 Mn in its seed round from new investors Y Combinator and Rebel Partners and existing investor Better Capital, among others.

The funding round also saw participation from Goodwater capital, GMO Fintech Fund, TRTL Ventures and several angel investors, including Kunal Shah (CRED), Akshay Mehrotra and Ashish Goyal (EarlySalary) and Kevin Moore.

The startup was featured in Y Combinator’s Summer 2022 cohort, along with 18 other Indian startups.

Earlier, Gullak raised $1.3 Mn in its pre-seed round led by Better Capital and angel investors Vimal Kumar and Sheetal Lalwani (JusPay), Ramanathan RV (Hyperface), Nitin Gupta (UniCards) and Prasanna Sankar (Rippling), among others.

Gullak will use the fresh funding to offer new financial products, strengthen its current product and expand its user base, thereby improving its average revenue per unit (ARPU). Gullak is also looking to invest in building a strong community and spreading financial awareness.

Founded in 2022 by Manthan Shah, Dilip Jain and Naimisha Rao, Gullak is a platform that helps users automate savings to invest in gold. For now, the startup’s app allows users to make daily micro-investments in digital gold. Its daily gross transaction value has grown to INR 22 Lakh from INR 2 Lakh in seven months.

Users can also lease their gold to get an extra 5% return each year, apart from the returns they can secure annually through Gullak’s Gold+.

“We are excited to be founding stage investors in Gullak as they make wealth creation easy for 200 Mn Indians and have been thrilled to see the quality of traction already”, Better Capital’s Vaibhav Domkundwar said about the investment.

“We are driven by our vision to democratise wealth creation while working on all the 3 pillars of a sustainable business – acquisition, retention and monetisation – at the same time. All our initiatives have this as the underlying core. We have just begun and the journey ahead seems exciting,” said Manthan Shah, cofounder, Gullak.

Gullak competes in the highly-competitive gold market in India with players such as Jar, Siply, Koshex, Fello, OroPocket, Paytm, PhonePe, SafeGold and others in the digital gold market.

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