The startup will deploy the capital to expand its reach and use new funds for product enhancement and marketing.
The round also saw participation from several angel investors namely Vimal Kumar and Sheetal Lalwani (cofounders at JusPay), Shan MS (chief growth officer, JusPay), Ramanathan RV (cofounder at Hyperface), Maya Kunnath (head of legal, Hyperface), Nitin Gupta (founder and CEO at UniCards) and Prasanna Sankar (cofounder at Rippling).
Gullak, which was founded in January 2022 by former JusPay executives Manthan Shah and Dilip Jain and Naimisha Rao. It allows customers to save small sums of money on a monthly basis and invest it automatically into digital gold.
“The way the majority of Bharat saves is very manual and unstructured, they continue to put all their money in non inflation beating instruments which give less than 5% returns. We have been part of the UPI journey since the early days and are amazed by how UPI completely changed the way India transacts, we wish to bring the same positive change to Savings!” the cofounders said in a statement.
The company expects to reach one lakh monthly active users (MAU) and 10 lakh gross transaction value (GTV) daily.
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“Gullak helps millions of users automate their savings and investments in a simple, fast and sustainable way – something that is a big missing piece in India. We are excited to be a founding stage partner with Gullak in making wealth creation easier”, said Vaibhav Domkundwar of Better Capital.
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