[Funding alert] Investment savings app Gullak raises $1.3M from Better Capital, Stellaris Ventures

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Gullaka savings and investment app based in Bengaluru, raised $1.3 million in its pre-seed round of A better capital and Stellaris Ventures Partners. The startup will deploy the capital for growth and marketing purposes, it said on Friday.

The startup has also seen a slew of angel investors, including Vimal Kumar and Sheetal Lalwani (Co-founders, JusPay), Shan MS (Director of Growth, JusPay), Ramanathan motorhome (Co-founder, Hyperface), Maya Kunath (Legal Manager, Hyperface), Nitin Gupta (Founder and CEO, UniCards) and Prasanna Sankar (Co-founder, Rippling), among others, participating in the round.

Founded in January 2022 by ancient JusPay executivesManthan Shah and Dilip Jain-and Naimisha RaoGullak allows users to regularly save small amounts and automatically invest them in digital gold.

In May 2022, the startup launched the official version of its app and has attracted nearly 9,000 users so far, witnessing 1,000 transactions per day.

In the coming months, Gullak aims to achieve 1 lakh Monthly Active Users (MAU) and 10 lakh Gross Transaction Value (GTV) per day.

Bring out the usual saver

After their respective stints at Bengaluru startup JusPay, Manthan and Dilip floated ideas for a new fintech venture. They met their third co-founder Naimisha through a common business network.

Their initial interactions highlighted the issue of “financial ignorance” among people. They realized that although India’s saving culture is widespread, the way people save remains “sub-optimal and unintelligent”.

Talk to Your story, Naimisha Rao, co-founder of Gullak, says, “In the 2020s, people save like in the 80s. They save manually and lack discipline and structure, although their intention and ability to save are high. They continue to put money in instruments that do not beat inflation, that offer returns below 5%. This is where we started to ask ourselves: Wealth creation isn’t that hard, but why are millions of Indians failing?

To introduce people to more effective ways to build wealth, Gullak created its app and launched the prototype in March 2022, followed by its beta version in May.

Put it in the “Gullak”

The Gullak app offers two major recording options. The first is a recurring savings option which allows users to save a fixed amount daily or monthly, which it then invests in digital gold. Users can also set mandates through UPI autopay, enabling automatic micro-savings.

His second option, save on every spend option-rounds the user’s daily transactions to the nearest ten and automatically invests it in gold.

The startup has partnered with the Mumbai-based digital gold platform Augmont Gold to offer this gold investing feature and earns a commission on every trade.

In addition, Gullak offers other features, including a single refill feature that allows users to add a lump sum to increase their savings. Users can also pause their automated savings or withdraw the money at any time with a single click.

“The more we interact with customers, the more we realize that customers want nuanced solutions, and we are continually creating tailored solutions, including savings with someone, pre-set goals, guilt-free spending options, delivery gold, and more,” says Manthan. .

The startup plans to grow and optimize its revenue using an in-app purchase and subscription model, which it will launch in the coming months.

make the cut

Gullak faces direct competition from fintech app backed by Tiger Global Jar and Spennyin addition to other savings and investment apps, including niyo and Enjoythat operate on the loose change model and invest in mutual funds.

The co-founders claim to have their strength in a strong background in technology and products, which is reflected in the transparency and simplicity of the fintech app.

“Gullak is made for Bharat; the design and features are all made for Bharat users. The product is easy to use and users can start their savings journey in just 30 seconds. Early user feedback has been great and they love the UI/UX,” says co-founder Manthan.

Future goals

Currently, Gullak has a team of 15 members. It is looking to expand in the coming months.

“Wealth creation should be accessible to everyone and we constantly strive to achieve this goal. What UPI did for payments, Gullak aims to do the same for savings and be their partner on their wealth creation journey,” says co-founder Dilip.

Vaibhav Domkundwar of Better Capital, adds: “Investment is essential to the creation of wealth, regardless of the amount of money you invest. Today, there is a severe lack of solutions to solve this problem, allowing people from all walks of life to invest in a structured, automated and simple way. Investment automation is key to building wealth, and that’s exactly what Gullak is building for over 100 million users. We are thrilled to be the founding partner of this stellar product-focused team. »

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