Automated savings and investment platform Gullak has announced that it has raised Rs 10 crore in a seed round led by Better Capital and Stellaris Ventures Partners.

This round also attracted the participation of several angel investors, such as Vimal Kumar and Sheetal Lalwani (co-founder, JusPay), Shan MS (chief growth officer, JusPay), Ramanathan RV (co-founder, Hyperface), Maya Kunnath (legal head, Hyperface), Nitin Gupta (founder and CEO of UniCards) and Prasanna Sankar (co-founder of Rippling).

The company plans to use the new funds to expand its reach and hopes to use it for product and marketing.
Founded in 2022 by former JusPay executives Manthan Shah and Dilip Jain, and Naimisha Rao, the startup launched the official version of the app in May 2022 and has registered over 9,000 users making over 1,000 transactions per day.

The company is targeting 100,000 monthly active users (MAU) and 1 million gross daily transaction value (GTV) within the next few months.

Commenting on the announcement in a joint statement, the co-founders said: “India is a savings nation, but even in the 2020s, we are still saving as we did in the 1980s. The majority of Bharat saves are manual and unstructured; they continue to put all their money into non-inflationary instruments that return less than 5%.”

Built by BHIM makers, the company has partnered with Paytm for secure payment processing and Augmont for digital gold investments.

Gullak helps users create wealth by automating small savings and investing them in digital gold. The app provides its consumers with two main saving options – the “Recurring Savings Option”, where users can save a fixed amount daily/monthly, and the “Save per Spending” option, where the app converts the user’s daily savings Transactions are rounded to the nearest ten and automatically invested in 24K 99.9% pure gold.