Gullak Raises $3 Million In Seed Funding Round The startup will utilise the funds to increase average revenue per unit (ARPU) by offering unique financial products, strengthening the current product and also to expand its user base
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Y combinator backed, saving and investment app Gullak, has raised $3 million in a Seed funding round from new investors - YC and Rebel partners and existing investor - Better capital. The other investors who participated in the round include Good water capital, GMO fintech fund, TRTL ventures and angel investors - Kunal Shah(Cred), Akshay Mehrotra and Ashish Goyal (Fibe), Kevin Moore amongst a few others. The startup will utilise the funds to increase average revenue per unit (ARPU) by offering unique financial products, strengthening the current product and also to expand its user base. It also plans to make some investment in building a strong community and spreading financial awareness.
"We are driven by our vision to democratise wealth creation while working on all the 3 pillars of a sustainable business - Acquisition, retention and monetization - at the same time. All our initiatives have this as the underlying core. For instance, our recent offering Gullak Gold+ has allowed us to move to a 4 digit ARPU which has been a struggle for most companies in this space. We have also doubled our GTV after the launch of Gold+ with 0 marketing dollars and are hoping to see great retention numbers as well through this offering. We have just begun and the journey ahead seems exciting" said Manthan Shah, co-founder, Gullak.
Launched 7 months ago, the app has grown from 2 Lakh daily GTV to 22 Lakh daily GTV. This is projected to grow to 1 crore daily GTV by Aug '2023. 40% of their user acquisitions are from organic and referral channels which they aim to take to 60% while growing the GTV in order to build a sustainable business, claimed by the company in a statement.
"A classic representation of a founding team that we love at Better - product, engineering and growth co-founders who are obsessively focussed on rapid iteration to unlock PMF. We are excited to be founding stage investors in Gullak as they make wealth creation easy for 200M Indians and have been thrilled to see the quality of traction already," said Vaibhav Domkundwar of Better Capital.
Founded by former JusPay executives Manthan Shah and Dilip Jain, and Naimisha Rao, Gullak is a platform that helps automate savings. Through this app the users can save small amounts on a regular basis, and automatically invest that in digital gold.