Better Capital and Stellaris Venture Partners invest Rs 10 crore in Gullak

Gullak, an automated savings and investment platform, has secured a pre-seed round of funding backed by Better Capital and Stellaris Venture Partners.

Angel investors included Vimal Kumar and Sheetal Lalwani (co-founders of JusPay), Shan MS (chief growth officer of JusPay), Ramanathan RV (co-founder of Hyperface), Maya Kunnath (head of legal at Hyperface), Nitin Gupta (founder and CEO of UniCards), and Prasanna Sankar (founder and CEO of UniCards) (co-founder at Rippling).

The new money will be used to increase the company’s reach, as well as for product and marketing.

Former JusPay executives Manthan Shah and Dilip Jain, as well as Naimisha Rao, founded the firm in 2022, which launched the official version of the app in May 2022 and now has over 9,000 users and 1,000 daily transactions.

In the following months, the company hopes to reach one lakh monthly active users (MAU) and ten lakh gross transaction value (GTV).

Commenting on the announcement, the co-founders in a joint statement said, “India is a nation of savers but still even in the 2020s we save like in the 1980s. The way the majority of Bharat saves is very manual and unstructured, they continue to put all their money in non-inflation beating instruments, which give less than 5% returns.”

The startup, which was founded by the same people who created BHIM, has collaborated with Paytm for secure payment processing and Augmont for digital gold investments.

“Gullak helps millions of users automate their savings and investments in a simple, fast and sustainable way – something that is a big missing piece in India. We are excited to be a founding stage partner with Gullak in making wealth creation easier,” said Vaibhav Domkundwar of Better Capital.

Gullak assists customers in accumulating money by automating micro-savings and investing them in digital gold. The app provides its users with two major saving options: the’recurring savings option,’ in which users can save a set amount daily/monthly, and the’save on every spend,’ in which the app rounds up users’ daily transactions to the nearest tenths and automatically invests the difference in 24K 99.9% pure gold.