Savings-investment app Gullak raises $1.3M from Better Capital, Stellaris Ventures
Gullak.Money, a Bengaluru-based saving and investment app, raised $1.3 million in its pre-seed round from Better Capital and Stellaris Ventures Partners. The startup will deploy the capital for growth and marketing purposes, it said on Friday.
The startup also saw a slew of angel investors, including Vimal Kumar and Sheetal Lalwani (Co-founders, Juspay), Shan MS (Chief Growth Officer, JusPay), Ramanathan RV (Co-founder, Hyperface), Maya Kunnath (Head of Legal, Hyperface), Nitin Gupta (Founder and CEO, UniCards) and Prasanna Sankar (Co-founder, Rippling), among others, participating in the round.
Founded in January 2022 by former JusPay executives—Manthan Shah and Dilip Jain—and Naimisha Rao, Gullak enables users to save small amounts regularly and automatically invests them in digital gold.
In May 2022, the startup launched the official version of its app and has garnered nearly 9,000 users to date, witnessing 1,000 transactions per day.
In the coming months, Gullak is targeting to hit one lakh monthly active users (MAU) and 10 lakh gross transaction value (GTV) per day.
Bringing out the habitual saver
Following their respective stints at Bengaluru startup JusPay, Manthan and Dilip were storming ideas for a new fintech venture. They met their third co-founder Naimisha through a common business network.
Their initial interactions brought to the fore the issue of “financial ignorance” among people. They realised that although India’s saving culture is widespread, the way people save remains “suboptimal and non-smart”.
Speaking to YourStory, 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 percent returns. Here’s when we began to wonder—wealth creation is not that difficult, but why are millions of Indians failing at it?”
To introduce people to more efficient ways of creating wealth, Gullak built its app and launched the prototype in March 2022, followed by its beta version in May.
Put it in the “Gullak”
Gullak app features two major saving options. First is a recurring savings option that allows users to save a fixed amount daily or monthly, which it then invests in digital gold. Users can also set mandates via UPI autopay, enabling automatic micro-savings.
Its second option—the save on every spend option—rounds up the user’s daily transactions to the nearest 10’s and auto invests it into gold.
The startup has partnered with Mumbai-based digital gold platform Augmont Gold to offer this gold investment feature and earns a commission on every transaction.
Gullak Money seems to be an interesting startup with a persuading development on financial services platform. I’m certain this startup would keep on thriving in its excursion ahead. All the best to the whole group of Gullak Money. This will give them immense achievement later on.Shishir Gupta, Founder and CEO, StartupLanes
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