Gullak raises $7.5 million in Series A round led by Chiratae Ventures

Gold savings platform Gullak has raised $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 Fintech Fund and Rebel Fund also doubled down on their commitment in this round.

The startup will use the new funding to deepen jeweller partnerships and expand into tier-2 and tier-3 cities.

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“To go deeper in this market and solve for all the customer pain points will require partnerships and co-creation of innovative solutions with jewellers. A chunk of our time and money will also go into brand building,” said Dilip Jain, cofounder of Gullak. “We will go deeper into the market and expand because there is a large concentration of gold lovers in the country’’.

"Gold is India’s emotional asset, not just an instrument for financial returns," said Mandeep Kaur Julka, Vice President at Chiratae. "Gold’s accumulation should be straightforward and trustworthy, and Gullak enables its easy digital purchase and storage to later make jewellery at any jeweller of choice. There are millions who would want this solution as a simple app on their phone"

About Gullak 

Founded in 2022 by Dilip Jain, Naimisha Rao and Manthan Shah, Gullak lets users invest in digital gold and redeem it as physical gold through its partner jewellers. It currently works with 15+ jewellers and over 3,000 stores, including Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas.

Gullak says it has nearly three lakh active transacting users. Through its app, users can start gold SIPs from as little as ₹100 a day or make one-time purchases.

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