Gullak’s Stellar $7.5M Series A Boost Signals Golden Era for Digital Savings
Focus Keyword: Gullak Funding
A Fresh Infusion for India’s Gold Savings Pioneer
In a resounding endorsement of digital gold’s transformative potential, Bengaluru-based Gullak has secured $7.5 million in Series A funding, led by Chiratae Ventures. The round drew participation from White Venture Capital, Samved Ventures, and existing investors including Y Combinator, GMO Fintech Fund, and Rebel Fund. This capital injection propels Gullak’s total funding beyond $12 million, underlining investor confidence in its mission to modernize India’s age-old affinity for gold savings through innovative fintech solutions.
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Strategic Deployment: Expanding Horizons and Forging Alliances
Gullak plans to channel the funds into amplifying its brand, ramping up marketing efforts, and penetrating deeper into Tier II and III cities—regions ripe with untapped potential for financial inclusion. A key focus will be fortifying ties with India’s premier jewellers, enabling smoother redemptions and broader accessibility. Co-founder Dilip Jain emphasized the ambition: scaling to $10 million in annual recurring revenue and 1 million users within the next year, while maintaining an average monthly savings of Rs 7,000 per user.
Roots of Innovation: A Journey from Pre-Seed to Scale
Launched in early 2022 by ex-Juspay alumni Manthan Shah, Dilip Jain, and Naimisha Rao, Gullak has swiftly evolved from its humble beginnings. It kicked off with a Rs 10 crore pre-seed round in June 2022 from Better Capital and Stellaris Venture Partners, followed by a $3 million seed infusion in January 2023 backed by Y Combinator, Rebel Partners, Goodwater Capital, GMO Fintech Fund, TRTL Ventures, and angels like CRED’s Kunal Shah. This latest milestone not only reflects Gullak’s rapid maturation but also highlights the sector’s allure amid economic uncertainties, where gold remains a trusted hedge.
Revolutionizing Savings: Automation Meets Cultural Legacy
Gullak disrupts traditional saving habits by automating micro-investments in digital gold via UPI autopay and round-ups from loose change. Users can launch gold Systematic Investment Plans (SIPs) from just Rs 100 daily or opt for one-off buys, amassing wealth effortlessly. Redemption options add unparalleled flexibility: convert holdings into jewellery at over 5,000 stores across 15 chains like Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas; opt for coin delivery; or liquidate to cash. Since inception, users have accumulated over 1,000 kg of gold, with festival spikes—like Dhanteras—outpacing rivals by nearly double.
Navigating Growth Amid Challenges
Financially, Gullak posted Rs 2 crore in revenue for FY24 (ended March 2024), grappling with Rs 11.39 crore in losses—a common startup rite amid aggressive scaling. The FY25 annual report remains pending, but recent metrics paint an optimistic picture: $2.5 million in ARR and nearly 300,000 active users. As co-founder Jain aptly notes, “This will be a decade of gold,” capitalizing on global volatility and India’s emotional bond with the metal.
Competitive Edge in a Crowded Gold Vault
Gullak operates in a vibrant niche alongside players like Jar, OroPocket, and Spare8, which emphasize digital gold and micro-savings. Even giants like PhonePe have dipped in via Jar partnerships. Yet, Gullak differentiates through its agnostic redemption network—unshackling users from single-brand loyalty—and deep jeweller integrations offering discounts. This positions it as a neutral gateway, fostering trust and scalability in a market projected to boom with rising safe-haven demands.
A Golden Opportunity for India’s Fintech Future
Gullak’s funding triumph isn’t merely a capital win; it’s a catalyst for embedding digital discipline into cultural rituals, empowering everyday Indians to build wealth sans friction. As investor Mandeep Kaur Julka of Chiratae Ventures puts it, Gullak streamlines gold’s “emotional asset” role into a trustworthy, tech-driven reality. With this backing, Gullak is primed to democratize gold savings, heralding a brighter, more inclusive chapter for India’s entrepreneurial fintech tapestry.
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Last Updated on: Wednesday, September 24, 2025 4:18 pm by Economic Edge Team | Published by: Economic Edge Team on Wednesday, September 24, 2025 4:18 pm | News Categories: Funding News, News
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