Gullak Raises INR 10 Crore In Pre-Seed Funding
The startup plans to use the fresh fund for expanding its reach, product development and marketing
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Gullak, a savings and investment app, has raised INR 10 crore in a pre-Seed funding round led by Better Capital and Stellaris Ventures Partners. The round also witnessed participation from angel investors such as Vimal Kumar and Sheetal Lawani (co-founders, JusPay), Shan MS (CGO, JusPay), Ramanathan RV (co-founder, Hyperface), Maya Kunnath (Hyperface), Nitin Gupta (founder andCEO, UniCards) and Prasanna Sankar (co-founder, Rippling). The startup plans to use the fresh fund for expanding its reach, product development and marketing.
"India is a nation of savers but still even in the 2020s we save like in the 1980s. The way majority of Bharat saves is very manual and unstructured, they continue to put all their money in non-inflation beating instruments which give less than 5 per cent returns. We have been part of the UPI journey since the early days and amazed by how UPI completely changed the way India transacts, we wish to bring the same positive change to savings," said the co-founders of Gullak in a joint statement.
The startup launched the official version of the app in 2022 and has already registered over 9000 users carrying out more than 1000 transactions per day. The company is now aiming to achieve one lakh monthly active users and ten lakh gross transaction value a day, in the coming few months, claimed by the startup in a statement.
"Gullak helps millions of users automate their savings and investments in a simple, fast and sustainable way, something that is a big missing piece in India. We are excited to be a founding stage partner with Gullak in making wealth creation easier," said Vaibhav Domkundwar, Better Capital.
Founded in 2022 by former JusPay executives Manthan Shah and Dilip Jain and Naimisha Rao, Gullak helps users create wealth by automating micro-savings and auto-investing that into digital gold. The app offers two major saving options for its consumers, the 'recurring savings option' where users can save a fixed amount daily or monthly and the 'save on every spend option' where the app rounds up user's daily transactions to the nearest 10's and auto invest that into 24 carats 99.9 per cent pure gold.