Gold savings app Gullak raises $7.5 Mn led by Chiratae

Bengaluru-based savings and investment platform Gullak has raised $7.5 million in a funding round led by Chiratae Ventures, with participation from White Venture Capital and Samved Ventures.

The company plans to use the fresh capital to strengthen partnerships with jewellers and expand into tier II and III cities.

Gullak had earlier raised Rs 10 crore in a pre-seed round in June 2022 from Better Capital and Stellaris Venture Partners. In January 2023, it secured $3 million in seed funding from Y Combinator, Rebel Partners, Better Capital, Goodwater Capital, GMO Fintech Fund, TRTL Ventures and several angel investors including CRED’s Kunal Shah. 

With the new round, Gullak’s total funding will cross $12 million. 

Last month, Entrackr asked Gullak about the new fundraise, but the company did not comment.

Gullak, founded in early 2022 by former JusPay executives Manthan Shah, Dilip Jain and Naimisha Rao, allows users in India to save by automating micro-investments into digital gold through UPI autopay and round-ups from spare change, moving away from traditional manual saving practices.

The app enables users to begin gold SIPs starting from Rs 100 a day or make one-time investments. The accumulated gold can be redeemed in different forms such as home delivery of coins, conversion into jewellery through partner jewellers across India, or conversion into cash credited directly to their bank accounts.

According to the company, it works with more than 3,000 stores across 15 jewellery chains, including Tanishq, Kalyan Jewellers, Malabar Gold, Joyalukkas, and others.

Jar, OroPocket and Spare8 operate in the same segment of digital gold savings and micro-investments. Larger fintech players have also started showing interest in the space, with PhonePe entering the category last year through a tie-up with Tiger Global-backed Jar.

For the fiscal year ended in March 2024, Gullak reported Rs 2 crore in revenue with Rs 11.39 crore losses. The company has yet to file its annual report for FY25.