Gullak, a savings investment app founded by former executives of payment technology platform JusPay, has raised $3 million (around Rs 24.4 crore) in a seed funding round co-led by Y Combinator and Better Capital.
Rebel Partners, Goodwater Capital, GMO fintech fund and TRTL ventures, with angel investors including Kunal Shah (Cred) as well as Akshay Mehrotra and Ashish Goyal (Early Salary), among others also participated in the funding round.
As per the startup, the raised funds will be used for product development and expansion.
Gullak.Money | Automatically Invest In Digital Gold
Founded by Manthan Shah, Dilip Jain and Naimisha Rao in 2022, Gullak helps millions of users automate their savings and investments. The app enables users to save small amounts regularly and automatically invests them in digital gold.
Operated by Finternet Technologies Pvt Ltd, the Bengaluru-based startup enables users to set automated, recurring saving rules, activate spare change investments or do a one-time top-up to increase savings.
Speaking about the development, Manthan Shah, Co-founder of Gullak, said,
“We are driven by our vision to democratize wealth creation while working on all the three pillars of a sustainable business – acquisition, retention and monetization – at the same time. For instance, our recent offering Gullak Gold+ has allowed us to move to a 4-digit average revenue per unit and are hoping to see retention numbers as well through this offering.”
Gullak claims to have grown its gross transaction value from 2 to 22 lakh daily and aims to hit one crore GTV by August this year.
In June 2022, Gullak.Money raised $1.3 million in its pre-seed round from Better Capital and Stellaris Ventures Partners. Earlier this year, game-based savings app Fello raised $4 million in a new funding round led by US-based Courtside Ventures to create unique gamified financial products, hire top talent across functions, and more.
In July 2022, Mumbai-based micro-investment platform Spare8 raised pre-seed funding of $770,000 (around Rs 6 crore) led by 2am VC.
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