Gullak raises ₹10 cr funding from Better Capital & Stellaris Venture Partners1 min read 17 Jun 2022, 11:28 AM IST
- The company plans to use the fresh funds to expand its reach and looks to use it for product and marketing.
Automated savings and investment platform Gullak has announced raising ₹10 crore in a pre-seed round led by Better Capital and Stellaris Ventures Partners.
The round also saw participation from several angel investors such as Vimal Kumar and Sheetal Lalwani (co-founders at JusPay), Shan MS (chief growth officer, JusPay), Ramanathan RV (co-founder at Hyperface), Maya Kunnath (head of legal, Hyperface), Nitin Gupta (founder and CEO at UniCards) and Prasanna Sankar (co-founder at Rippling).
The company plans to use the fresh funds to expand its reach and looks to use it for product and marketing.
Founded in 2022 by former JusPay executives Manthan Shah and Dilip Jain, and Naimisha Rao, the startup launched the official version of the app in May 2022 and has registered over 9,000 users carrying over 1,000 transactions per day.
The company is now aiming to achieve one lakh monthly active users (MAU) and 10 lakh gross transaction value (GTV) a day, in the coming few months.
Commenting on the announcement, the co-founders in a joint statement said, “India is a nation of savers but still even in the 2020s we save like in the 1980s. The way the 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% returns."
Built by the makers of BHIM, the company has partnered with Paytm for secured payment processing and Augmont for digital gold investments.
“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 of Better Capital.
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/monthly and the ‘save on every spend’ option where the app rounds up user’s daily transactions to the nearest 10’s and auto invests that into 24K 99.9% pure gold.