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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

Business News

He 'Accidentally Discovered' a Semi-Passive Side Hustle in College — Now He's on Track to Make More Than $500,000 This Year

When a lack of funding put a stop to Zach Downey's pizza vending machines, he stumbled upon another lucrative idea.

Business News

Apple Faces Class Action Lawsuit Over iCloud's Alleged 'Enormous Structural Advantage'

The lawsuit asserts that cloud storage on iPhones would be "better, safer, cheaper, and more prevalent" without Apple's policies.

Marketing

The Rules of SEO Are Changing — Here Are 5 Powerful Strategies to Help You Rank in 2024

Do you need help to rank well on Google due to new algorithm updates? Discover five SEO strategies that work in 2024.

Business News

Are You at Risk for Burnout? This Psychologist-Created Quiz Lets You Know in 5 Minutes

The burnout assessment tool was tested in seven countries using more than 10,000 survey responses.

Growing a Business

The Truth About Achieving Exponential Growth in Business, Exposed

What's preventing your business from scaling exponentially? Learn about the factors, and see how you can achieve your desired results.