Gullak, a fintech startup from Bengaluru that deals in digital gold savings, has raised $7.5 million in a Series A funding round. Chiratae Ventures led the round, with White Venture Capital, Samved Ventures, and existing investors Y Combinator, GMO Fintech Fund, and Rebel Fund joining in. The latest round takes Gullak’s overall capital raised to more than $12 million since its launch.
Entrepreneur
Revolutionizing Gold Savings in India
Established in 2022 by Manthan Shah, Dilip Jain, and Naimisha Rao, Gullak is looking to democratize gold savings and make it easy for all. It enables users to systematically invest in micro-investments of 24-karat digital gold through UPI autopay as well as round-ups from spare money. Users can begin gold SIPs with a minimum of ₹100 daily or invest once. The savings that have been accumulated are redeemable as physical jewelry from more than 3,000 partner outlets from 15 top chains such as Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas, or through doorstep delivery of coins and direct payment into bank accounts. Business Standard
Strategic Plans Post-Funding
The newly raised capital will be used to build Gullak’s brand visibility and advertising efforts, expand its presence in Tier-II and Tier-III cities, and deepen alliance with India’s largest jewellers. The company plans to increase its user base to 1 million and have an annual recurring revenue (ARR) of $10 million in the next 12 months.
Impressive Growth Metrics
Ever since its inception, Gullak has seen considerable traction. The platform has over 300,000 active users that regularly make transactions through its app, with an average savings of ₹7,000 per user every month. Together, users have bought over 1,000 kg of gold using the platform. Over 1 million times, the app has been downloaded on Google Play, a testament to increasing popularity among users.
Founders’ Vision
Dilip Jain, co-founder of Gullak, emphasized the company’s mission to make gold savings as ubiquitous as UPI payments. He stated, “Our goal is to put a gold balance on the phone of every Indian household, just like UPI did for cash. By focusing solely on gold lovers, we’ve built deep trust with early adopters — and this fundraise will now help us extend that trust to millions more households across India.”
The Future of Digital Savings of Gold
Gullak’s digital gold savings solution is geared to the changing habits of Indian consumers. By bringing together the timeless charm of gold and cutting-edge digital solutions, Gullak is poised to drive the movement in how Indians save and invest in gold. With the emphasis on automation, ease of use, and collaborations with reputed jewellers, the company stands out in the emerging digital gold savings industry.
