Gullak Raises USD 7.5 Mn in Series A Round to Expand Digital Gold Savings Platform Series A round was led by Chiratae Ventures, with White VC, Samved, Y Combinator, GMO, and Rebel Funds, bringing Gullak's total funding to USD 12 million.
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Bengaluru-based gold savings app Gullak has raised USD 7.5 million in a Series A funding round led by Chiratae Ventures.
The round also saw participation from White Venture Capital, Samved Ventures, and existing investors Y Combinator, GMO and Rebel Funds, which reaffirmed their support for the company. With this funding, Gullak's total capital raised has now crossed USD 12 million.
The fresh funds will be directed towards enhancing the company's brand presence and marketing efforts. Gullak also plans to extend its reach into tier II and tier III cities while deepening collaborations with leading jewellers in India to design new solutions that address long-standing consumer challenges.
Founded in early 2022 by former JusPay executives Manthan Shah, Dilip Jain and Naimisha Rao, Gullak provides an automated platform for micro-investments in digital gold. Users can set up UPI autopay or round up spare change for investments, moving away from traditional manual saving practices.
The app offers flexibility for users to begin systematic investment plans starting at INR 100 per day or make one-time contributions.
The gold saved can be redeemed in multiple ways, including delivery of coins to homes, conversion into jewellery through partner jewellers, or direct transfer into bank accounts as cash. Gullak currently partners with more than 3,000 outlets across 15 major jewellery chains such as Tanishq, Kalyan Jewellers, Malabar Gold and Joyalukkas.
Before this round, Gullak had raised INR 10 crore in pre-seed funding in June 2022 from Better Capital and Stellaris Venture Partners, followed by a USD 3 million seed round in January 2023 backed by Y Combinator, Rebel Partners, Better Capital, Goodwater Capital, GMO Fintech Fund, TRTL Ventures and several angel investors including CRED founder Kunal Shah.
The company reported INR 2 crore in revenue with INR 11.39 crore in losses for the fiscal year ending March 2024. Gullak is yet to file its financial report for FY25.
It operates in a growing sector alongside platforms such as Jar, OroPocket and Spare8, while larger fintech firms like PhonePe have also entered the category.
