Gullak scoops $3 Million in seed round led by YC Rebel Partners and Better Capital
- ByStartupStory | January 20, 2023
Gullak, a savings and investment app, has raised $3 million in a seed round led by YC, Rebel Partners, and Better Capital. GoodWater Capital, GMO Fintech Fund, TRTL Ventures, and angel investors such as Kunal Shah (Cred), Akshay Mehrotra, Ashish Goyal (EarlySalary), and Kevin Moore also participated in the round.
The funds will be used to increase average revenue per unit (ARPU) by offering unique financial products, strengthening the current product, and expanding its user base, according to Gullak. It also intends to make some investments in community development and financial education.
Gullak previously raised Rs 10 crore in June last year, led by Better Capital and Stellaris Venture Partners. It was part of the summer 2022 batch of Y Combinator.
Gullak, founded by former JusPay executives Manthan Shah and Dilip Jain, as well as Naimisha Rao, helps users automate savings and also allows users to lease their gold to get an extra 5% return on top of the annual gold returns through its latest offering, Gullak Gold+.
The app, which was launched 7 months ago, claims to have grown from 2 lakh daily GTV to 22 lakh daily GTV. This is expected to increase to one crore of daily GTV by August 2023.
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