Gold savings platform Gullak raises $7.5 million to expand presence in tier 2 & 3 cities

Bengaluru-based investment and savings platform Gullak has raised $7.5 million (about Rs 66.5 crore) in a Series A funding round led by Chiratae Ventures with participation from White Venture Capital, Samved Ventures, and existing backers Y Combinator, GMO Venture Partners, and Rebel Funds.

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The startup plans to deploy the fresh capital to strengthen brand presence, expand into tier II and III cities, and deepen partnerships with jewellers to provide more redemption options.

Founded in 2022 by Manthan Shah, Naimisha Rao, and Dilip Jain, Gullak enables users to automate micro-investments into digital gold through UPI autopay and round-ups from spare change. Users can also start gold SIPs from as little as Rs 100 per day or make one-time purchases. The accumulated savings can be redeemed as jewellery from over 3,000 partner stores across 15 major chains, including Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas, or via doorstep delivery of coins and direct cash transfers.

The startup claims that each user saves an average of Rs 7,000 per month, with customers collectively purchasing more than 1,000 kg of gold since inception. Gullak reports an annual retention rate of 80%, with half of its new users coming organically. Its app has been downloaded more than 1 million times on Google Play.

With this round, Gullak’s total funding has crossed $12 million, following earlier raises including a Rs 10 crore pre-seed round in June 2022 from Better Capital and Stellaris Venture Partners, and a $3 million seed round in January 2023 from Y Combinator, Rebel Partners, Goodwater Capital, GMO Fintech Fund, TRTL Ventures, and angel investors such as CRED’s Kunal Shah.

“Our goal is to put a gold balance on the phone of every Indian household, just like UPI did for cash. By focusing solely on gold lovers, we’ve built deep trust with early adopters — and this fundraise will now help us extend that trust to millions more households across India. Gold isn’t just another checkbox in a super-app; it is a vertical in itself, and that depth is what makes Gullak different,” commented Dilip Jain, Co-Founder, Gullak.

Speaking on the investment, Mandeep Kaur Julka, Vice-President at Chiratae Ventures India Advisors said: “Gold is India’s emotional asset, not just an instrument for financial returns. Gold’s accumulation should be straightforward and trustworthy, and Gullak enables its easy digital purchase and storage to later make jewellery at any jeweller of choice. There are millions who would want this solution as a simple app on their phone, and we believe Gullak is the right team to become the numero uno platform for this market and we are excited to partner with them.”