Gullak raises Rs10 crore in a pre-seed funding round from Better Capital, Stellaris Venture Partners

17 Jun 2022 , 03:13 PM

Automated savings & investment platform Gullak has raised Rs10 crore in a pre-seed round led by Better Capital and Stellaris Ventures Partners.

The company plans to use the fresh funds to expand its reach and for product & 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 already 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.

The round also saw participation from several angel investors namely 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).

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 percent returns. We have been part of the UPI journey since the early days and are amazed by how UPI completely changed the way India transacts, we wish to bring the same positive change to savings!”

Identifying the need gap in India for saving smartly, through the product offerings, Gullak aims to break financial ignorance and introduce people to more accessible and more efficient ways of creating wealth.

“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.

“India has a big, latent savings mindset. A fully digital “Savings First Product” – Gullak will unlock this potential and accelerate people’s journey towards wealth creation” said Vimal Kumar, Founder, JusPay.

Gullak helps users create wealth by automating micro-savings & 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.

The app also has other features such as “pause savings anytime”, “withdraw at just a click”, “Top ups to add lump sum amounts”. The app also rewards user’s with good savings behaviour.