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Automated savings and investment platform Gullak has raised $1.3 million (Rs 10 crore) in Pre seed funding round from Better Capital and Stellaris Ventures Partners.
The funding round also saw participation from a group of angel investors Nitin Gupta (Founder and CEO, UniCards) ; Vimal Kumar and Sheetal Lalwani (Co-founders, Juspay) ; Shan MS (Chief Growth Officer, JusPay) ; Ramanathan RV (Co-founder, Hyperface) ; Maya Kunnath (Head of Legal, Hyperface) ; and Prasanna Sankar (Co-founder, Rippling), among others.
The company plans to use the funds for growth and marketing purposes.
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The Bengaluru-based Gullak was founded in January 2022 by Manthan Shah, Dilip Jain and Naimisha Rao, It enables users to save small amounts regularly and invest in Digital Gold automatically.
The startup launched the official version of its app in May 2022. It has around 9,000 users since its launch, with 1,000 transactions per day.
The startup is targeting to hit one lakh monthly active users (MAU) and one million gross transaction value (GTV) per day in the coming months.
“In the 2020s, people save like they are in the 80s. They save manually and lack discipline and structure, although their intent and ability to save are high. They continue to put money in non-inflation-beating instruments, which give less than 5 percent returns. Here’s when we began to wonder—wealth creation is not that difficult, but why are millions of Indians failing at it?”, said, Naimisha Rao, Co-founder, Gullak.
The company has partnered with digital gold platform Augmont Gold to offer this gold investment feature and earn commission on every transaction.
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Apart from this, it also offers other features including a one-time top-up facility that allows users to add a lump sum amount to boost their savings.
“The more we interact with customers, the more we realise that customers want nuanced solutions, and we are continually building tailored solutions, including save along with someone, predefined goals, guilt-free spending options, gold delivery, and more,” said, Manthan Shah, Co-founder of Gullak.
The fintech firm plans to grow and optimize its revenue using in-app purchases and subscription models, which it will launch in the coming months.
“Gullak is made for Bharat; the design and features are all built for Bharat users. The product is easy to use, and users can start their savings journey in just 30 seconds. The initial feedback from users has been great, and they are loving the UI/UX,” Manthan said.
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The startup currently has a team of 15 members and is looking to expand over the next few months.
“Wealth creation should be accessible to everyone, and we are constantly striving to achieve the same. What UPI did to payments, Gullak aims to do the same to savings and be their partner in their wealth creation journey,” said, Dilip Jain, Co-founder, Gullak.
“Investing is critical to wealth creation irrespective of the amount of money one is investing. Today, there is a severe lack of solutions that solve this — allowing people from all walks of life to invest in a structured, automated, and simple way. Automating investing is key to wealth creation, and that’s exactly what Gullak is building for over 100 million users. We are excited to be the founding stage partner to this stellar product-first team”, says, Vaibhav Domkundwar of Better Capital.
About Gullak
Gullak automates user savings in a 100% secure way.
Their Mission is to help a Billion Indians grow their wealth by giving people ways to save easily & invest smartly. They aim to create an all-inclusive ecosystem of saving which is accessible to all. A nation of savers is a nation which is financially secure and happy. They, through their system of automation, simple to use app and secure investments in digital gold hope to ensure this for a wealthier India.
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Their vision to create a Financially Atmanirbhar Bharat. They want to see a country whose people are truly atmanirbhar by making wealth creation extremely easy & accessible.
