Gullak raises $3 million funding from YC and Rebel Partners

Existing investor Better Capital also participated in the round along with Good Water Capital, GMO fintech fund, and TRTL Ventures.

Angel investors including Cred founder Kunal Shah and Fibe cofounders Akshay Mehrotra and Ashish Goyal also invested in the round.

According to the startup, it will use the funds to offer unique financial products, strengthen its current product portfolio and expand its user base. It also plans to make some investments in building a strong community and spreading financial awareness.

Founded in 2022 by former JusPay executives Manthan Shah and Dilip Jain, as well as Naimisha Rao, Gullak is a platform that helps users automate their savings.

Through the app, users can save small amounts on a regular basis and automatically invest them in financial instruments such as digital gold.

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“We are excited to be founding stage investors in Gullak as they make wealth creation easy for 200 million Indians and have been thrilled to see the quality of traction already”, said Vaibhav Domkundwar, chief executive and founder of Better Capital, an early-stage venture backer which has invested in fintechs including Slice, Open, M2P and others.At present, the app clocks 22 lakh in daily gross transaction volume (GTV), it said in a statement. It expects to touch one crore daily transactions by August.

“We are driven by our vision to democratise wealth creation while working on all the three pillars of a sustainable business – acquisition, retention and monetization – at the same time. We have just begun and the journey ahead seems exciting” said Manthan Shah, cofounder, Gullak.

In June last year, Gullak raised $1.3 million as part of its pre-seed round led by Better Capital. Angel investors including JusPay cofounders Vimal Kumar and Sheetal Lalwani; Hyperface cofounder Ramanathan RV, and Uni founder Nitin Gupta also participated in the round.