Gullak Secures $7.5 Million for Expanding Digital Gold Savings
Bengaluru-based savings and investment platform Gullak has successfully raised $7.5 million in a funding round spearheaded by Chiratae Ventures, with additional input from White Venture Capital and Samved Ventures. The aim is to utilise the newly acquired capital to enhance collaborations with jewellers and to broaden its reach into tier II and III cities.
Previously, Gullak attracted Rs 10 crore in a pre-seed round in June 2022, with contributions from Better Capital and Stellaris Venture Partners. In January 2023, the company secured $3 million in seed funding from Y Combinator, Rebel Partners, Better Capital, Goodwater Capital, GMO Fintech Fund, TRTL Ventures, alongside several angel investors, including Kunal Shah from CRED. With this new round of funding, Gullak’s total fundraising efforts have now surpassed $12 million.
Last month, Startup Superb reached out to Gullak to inquire about this recent fundraising effort, but the company opted not to provide a comment.
About Gullak’s Innovative Approach
Founded in early 2022 by ex-JusPay executives Manthan Shah, Dilip Jain, and Naimisha Rao, Gullak offers a unique solution for users in India to save money by automating micro-investments into digital gold. This is achieved through UPI autopay and by utilising rounded-up spare change, thereby moving away from traditional manual saving methods.
The platform allows users to initiate gold SIPs with investment starting from Rs 100 per day or make one-time investments. Users can redeem their accumulated gold in various forms, including home delivery of gold coins, conversion into jewellery via partner jewellers across India, or even cash credited directly into their bank accounts.
As reported by the company, Gullak collaborates with over 3,000 stores across 15 jewellery chains, including notable names like Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas, among others.
Market Competition and Financial Performance
Gullak operates within a competitive space alongside players like Jar, OroPocket, and Spare8, all of whom focus on digital gold savings and micro-investments. Larger fintech companies are also beginning to show interest in this market, with PhonePe entering the category last year in partnership with Tiger Global-backed Jar.
For the fiscal year ending March 2024, Gullak reported revenue of Rs 2 crore, while also recording losses of Rs 11.39 crore. The company has yet to submit its annual report for FY25.