Bangalore, India-based saving and investment application Gullak raised USD 1.3 million (INR 100 million) in pre-seed funding. The round took place on June 17, 2022. Better Capital and Stellaris Venture Partners led the round for Gullak. Several angel investors such as Vimal Kumar and Sheetal Lalwani (co-founders at JusPay), Shan MS (chief growth officer, JusPay), Ramanathan RV (co-founder at Hyperface), Maya Kunnath (head of legal, Hyperface), Nitin Gupta (founder and CEO at UniCards) and Prasanna Sankar (cofounder at Rippling) invested in the firm.
Purpose of Funding for Gullak
The startup will deploy the recent investment to expand its reach. It will also use the funds for product enhancement and marketing.
Besides, The company aims to achieve one hundred thousand monthly active users and INR one million gross transaction value daily in the coming few months.
What the founders have to say
Naimisha Rao, Co-founder, Gullak, says, “In the 2020s, people save like they are in the 80s. They save manually and lack discipline and structure, although their intent and ability to save are high. They continue to put money in non-inflation-beating instruments, which give less than 5 per cent returns. Here’s when we began to wonder—wealth creation is not that difficult, but why are millions of Indians failing at it?”
“The more we interact with customers, the more we realise that customers want nuanced solutions. We continually build tailored solutions, including save along with someone, predefined goals, guilt-free spending options, gold delivery, and more. Gullak is made for Bharat; the design and features are built for Bharat users. The product is easy to use, and users can start their savings journey in 30 seconds. The initial feedback from users has been great, and they love the UI/UX,” said Manthan Shah, co-founder of Gullak.
In addition, Dilip Jain said, “Wealth creation should be accessible to everyone, and we are constantly striving to achieve the same. What UPI did to payments, Gullak aims to do the same to savings and be their partner in their wealth creation journey.”
What the investor has to say
Vaibhav Domkundwar of Better Capital said, “Investing is critical to wealth creation irrespective of the amount of money one invests. Today, there is a severe lack of solutions that solve this — allowing people from all walks of life to invest in a structured, automated, and simple way. Automating investing is key to wealth creation, and that’s exactly what Gullak is building for over 100 million users. We are excited to be the founding stage partner to this stellar product-first team.”
About Gullak
In January 2022, Manthan Shah, Dilip Jain, and Naimisha Rao co-founded Gullak. It allows customers to save small sums of money monthly and invest it by default into digital gold. Its app offers two major saving options. First is a recurring savings option that allows users to save a fixed amount daily or monthly. The company then invests it in digital gold.
Its second option is to save on every spend option, i.e. it rounds up the user’s daily transactions to the nearest 10’s and automatically invests it into gold. Gullak enjoys a partnership with digital gold platform Augmont Gold to offer this gold investment feature and earns a commission on every transaction.
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