An investment and saving app supported by Y Combinator Gullak announced its $3 million fundraising as part of its seed round from existing investor Better capital as well as new backers YC and Rebel partners. Good Water Capital, GMO Fintech Fund, TRTL Ventures, and angel investors Kunal Shah (Cred), Akshay Mehrotra and Ashish Goyal (Early salary), among others, are among the other investors who took part in the round.
The business will utilise the money to develop distinctive financial solutions, improve its present offering, and grow its user base in order to raise average revenue per unit (ARPU), as per reported by BW Disrupt.
“We are driven by our vision to democratise wealth creation while working on all the 3 pillars of a sustainable business – Acquisition, retention and monetization – at the same time. All our initiatives have this as the underlying core. For instance, our recent offering Gullak Gold+ has allowed us to move to a 4 digit ARPU which has been a struggle for most companies in this space. We have also doubled our GTV after the launch of Gold+ with 0 marketing dollars and are hoping to see great retention numbers as well through this offering. We have just begun and the journey ahead seems exciting” says Manthan Shah, Co-founder, Gullak.
Gullak is a platform that assists with the automation of savings, and it was founded by Manthan Shah, Dilip Jain, and Naimisha Rao.
“A classic representation of a founding team that we love at Better – product, engineering and growth co-founders who are obsessively focussed on rapid iteration to unlock PMF. We are excited to be founding stage investors in Gullak as they make wealth creation easy for 200M Indians and have been thrilled to see the quality of traction already”, said Vaibhav Domkundwar of Better Capital.
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.