Bengaluru-based gold savings and investments platform Gullak has raised $7.5 million in a funding round led by Chiratae Ventures, with participation from White Venture Capital and Samved Ventures.
The Y Combinator-backed company plans to use the fresh capital to strengthen partnerships with jewellers and expand into tier two and three cities.
“To go deeper in this market and solve for all the customer pain points will require partnerships and co-creation of innovative solutions with jewellers. A chunk of our time and money will also go into brand building,” said Dilip Jain, cofounder of Gullak, in an interaction with ET. “We will go deeper into the market and expand because there is a large concentration of gold lovers in the country’’.
The company currently partners with more than 3,000 stores across over 15 jewellers, including Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas, among others.
Founded in 2022 by Jain, Naimisha Rao, and Manthan Shah, Gullak allows users to invest in digital gold and convert it to physical gold through its jewellers. According to Tracxn data, the company has so far raised $4.81 million from investors, including Better Capital, Y Combinator, and GMO Venture Partners.
Existing backers Y Combinator, GMO Venture Partners, and Rebel Fund also doubled down on their commitment in this round, the company said in a statement.
The funding comes at a time when many fintech startups, such as Stable Money and Gullak, offering fixed deposit and gold savings products are attracting increased investor interest amid rising demand for safe-haven investments, as reported by ET in April.
Gullak claims to serve close to three lakh active transacting users. Through its app, users can set up gold systematic investment plans (SIPs) starting from as little as Rs 100 per day, or make one-time purchases, the company said.
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The Y Combinator-backed company plans to use the fresh capital to strengthen partnerships with jewellers and expand into tier two and three cities.
“To go deeper in this market and solve for all the customer pain points will require partnerships and co-creation of innovative solutions with jewellers. A chunk of our time and money will also go into brand building,” said Dilip Jain, cofounder of Gullak, in an interaction with ET. “We will go deeper into the market and expand because there is a large concentration of gold lovers in the country’’.
The company currently partners with more than 3,000 stores across over 15 jewellers, including Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas, among others.
Founded in 2022 by Jain, Naimisha Rao, and Manthan Shah, Gullak allows users to invest in digital gold and convert it to physical gold through its jewellers. According to Tracxn data, the company has so far raised $4.81 million from investors, including Better Capital, Y Combinator, and GMO Venture Partners.
Existing backers Y Combinator, GMO Venture Partners, and Rebel Fund also doubled down on their commitment in this round, the company said in a statement.
The funding comes at a time when many fintech startups, such as Stable Money and Gullak, offering fixed deposit and gold savings products are attracting increased investor interest amid rising demand for safe-haven investments, as reported by ET in April.
Gullak claims to serve close to three lakh active transacting users. Through its app, users can set up gold systematic investment plans (SIPs) starting from as little as Rs 100 per day, or make one-time purchases, the company said.
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