Y Combinator-backed saving and investment app Gullak has raised $3 million in funding as part of its seed round from YC and Rebel Partners and its existing investor Better Capital.
The other investors who participated in the round include Good water capital, GMO fintech fund, TRTL ventures and angel investors – Kunal Shah (Cred), Akshay Mehrotra and Ashish Goyal (early salary), Kevin Moore amongst a few others.
The start-up will use the funds to increase average revenue per unit (ARPU) by offering financial products, strengthening the current product, and also to expand its user base. It also plans to make some investments in building a community and spreading financial awareness.
We are driven by our vision to democratize wealth creation while working on all the 3 pillars of a sustainable business – acquisition, retention, and monetisation – at the same time. All our initiatives have this as the underlying core. We have also doubled our GTV after the launch of Gold+ with zero 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” said Manthan Shah, Co-founder, of Gullak.
Gullak helps in automating savings. Through this app users can save small amounts on a regular basis, and automatically invest that in digital gold. It also allows users to lease their gold to get 5 per cent returns every year on top of the annual gold returns through its offering Gullak Gold+.
Earlier, Gullak raised $1.3 million as part of its pre-seed round led by Better capital and angel investors, including Vimal Kumar and Sheetal Lalwani (Co-founders at JusPay), Ramanathan RV (Co-founder at Hyperface), Nitin Gupta (Founder and CEO at UniCards) and Prasanna Sankar (Co-founder at Rippling) among others.