Y Combinator-backed Gullak Raises $7.5M Series A Led by Chiratae Ventures
- ByStartupStory | September 24, 2025
Bengaluru-based digital gold savings platform Gullak has raised $7.5 million in Series A funding, led by Chiratae Ventures with participation from White Venture Capital, Samved Ventures, and existing backers Y Combinator, GMO Fintech Fund, and Rebel Fund.
The three-year-old fintech, founded in 2022 by Naimisha Rao and Dilip Jain, positions itself as a pure-play platform for gold savers in India, aiming to modernize the country’s centuries-old obsession with gold through a smartphone-first approach.
Gullak plans to use the fresh capital for brand building, expansion into Tier II and Tier III cities, and deepening partnerships with major jewellers such as Tanishq, Kalyan, and Malabar. With over 5,000 outlets integrated, the platform allows users to digitally accumulate gold in small amounts—starting as low as ₹100 a day—and redeem it later across partner chains as jewellery for weddings, anniversaries, or festivals.
“We’re talking about people who save for their kids’ weddings, who gift gold on anniversaries, who see real wealth as tangible gold—not just financial returns,” said co-founder Naimisha Rao.
Unlike jeweller-specific schemes, Gullak provides a centralised gateway with flexibility and secure storage via regulated bullion partners like Augmont. The company reports 300,000 active users, with an 80% retention rate at the 12-month mark. Since launch, customers have purchased over 1,000 kg of gold through the platform, with an average monthly spend of ₹7,000.
On peak days like Dhanteras and Akshaya Tritiya, Gullak claims its sales were nearly double those of its closest competitor. The company currently clocks $2.5 million in annual recurring revenue (ARR) and is targeting $10 million ARR within a year.
“Gold is India’s emotional asset, and Gullak makes its accumulation simple, trustworthy, and accessible,” said Mandeep Kaur Julka, Vice President at Chiratae Ventures.
With global gold prices crossing ₹1 lakh per 10 grams in 2025 amid economic uncertainty, the founders believe digital gold will only grow in relevance. “This will be a decade of gold,” said co-founder Dilip Jain. “Just as UPI transformed cash, we believe every Indian will have a gold balance on their mobile phone in the next five years.”
Follow Startup Story
Related Posts
