Gullak raises $3 Mn in seed round

Saving and investment app Gullak has raised $3 million as part of its seed round from YC and Rebel Partners and Better Capital. The other investors who participated in the round include Good Water Capital, GMO Fintech Fund, TRTL Ventures and angels such as Kunal Shah(Cred), Akshay Mehrotra and Ashish Goyal (EarlySalary), and Kevin Moore.

Previously, Gullak had raised Rs 10 crore led by Better Capital and Stellaris Venture Partners in June last year. It was a part of Y Combinator Summer 2022 batch.

According to Gullak, the funds will be used to increase average revenue per unit (ARPU) by offering unique financial products, strengthening the current product and also to expand its user base. It also plans to make some investment in building a community and spreading financial awareness. 

Founded by former JusPay executives Manthan Shah and Dilip Jain, and Naimisha Rao, Gullak helps automate savings and also allows users to lease their Gold to get extra 5% returns every year on top of the annual Gold returns through its latest offering Gullak Gold+. 

Launched 7 months ago, the app claims to have grown from 2 Lakh daily GTV to 22 Lakh daily GTV. This is projected to grow to 1 crore daily GTV by August 2023.