Savings-investment App Gullak Raises $1.3M In Pre-seed Round
Saving and investment app Gullak.Money has raised $1.3 million in its pre-seed round from Better Capital and Stellaris Ventures Partners.
The funding round also saw participation from several angel investors, including Vimal Kumar and Sheetal Lalwani (Co-founders, Juspay), Ramanathan RV (Co-founder, Hyperface), Nitin Gupta (Founder and CEO, UniCards) and Prasanna Sankar (Co-founder, Rippling), among others.
As per the startup, the raised funds will be deployed for capital growth and marketing purposes.
Gullak.Money | Secure Your Financial Future
Founded by Manthan Shah, Dilip Jain, and Naimisha Rao in January 2022, Gullak enables users to save small amounts regularly and automatically invests them in digital gold. The saving and investment app enables users to set automated, recurring saving rules, activate spare change investments or do a one-time top-up to increase savings.
It helps users create wealth by automating micro-savings and auto-investing that into digital gold. It offers two major saving options for its consumers – the ‘recurring savings’ option and the save on every spend’ option.
The recurring savings option enables users to save a fixed amount daily/monthly, whereas the ‘save on every spend’ option rounds up users’ daily transactions to the nearest 10’s and auto invests that into 24K 99.9% pure gold.
Commenting on the development, Vaibhav Domkundwar of Better Capital said,
“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.”
In May 2022, the startup launched the official version of the app, and since then, the app has registered over 9,000 users carrying over 1,000 transactions per day. Now, the startup aims to achieve one lakh monthly active users (MAU) and 10 lakh gross transaction value (GTV) a day in the coming few months.
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