Bengaluru-based gold savings platform Gullak has successfully raised $7.5 million (around Rs 66.5 crore) in a Series A funding round. The round was led by Chiratae Ventures with participation from White Venture Capital, Samved Ventures, and existing backers Y Combinator, GMO Venture Partners, and Rebel Funds.
The company said the newly raised funds will be used to boost brand presence across the country, expand operations into tier 2 and 3 cities, and form stronger partnerships with jewellers to give customers more redemption options.
Mission and Growth
Founded in 2022 by Manthan Shah, Naimisha Rao, and Dilip Jain, Gullak allows users to automate micro-investments into digital gold. Using features like UPI autopay and round-ups from spare change, customers can start saving effortlessly. The platform also enables users to launch gold SIPs with as little as Rs 100 per day or make one-time purchases.
These savings can later be redeemed as jewellery from over 3,000 partner stores across major jewellery chains such as Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas. Additionally, users can opt for doorstep delivery of gold coins or even direct cash transfers.
Strong User Numbers
According to the startup, the average Gullak user saves about Rs 7,000 every month. Since inception, customers have collectively purchased more than 1,000 kg of gold through the platform. The company also claims an 80% annual retention rate, with half of its new customers joining organically.
The app has already been downloaded more than 1 million times on Google Play, a sign that its model of digital gold saving is resonating with Indian households.
Funding Journey So Far
With the latest round, Gullak’s total funding has crossed $12 million. The startup had earlier raised Rs 10 crore in a pre-seed round in June 2022 from Better Capital and Stellaris Venture Partners. It then secured $3 million in a seed round in January 2023 from Y Combinator, Rebel Partners, Goodwater Capital, GMO Fintech Fund, TRTL Ventures, and several angel investors, including CRED founder Kunal Shah.
This consistent support from top investors reflects the growing confidence in Gullak’s vision of becoming a household brand for gold savings in India.
Founders Share Vision
“Our goal is to put a gold balance on the phone of every Indian household, just like UPI did for cash,” said Dilip Jain, Co-Founder of Gullak. He added that by focusing solely on gold lovers, the startup has built trust with early adopters and now aims to extend that trust to millions more families across India.
Jain stressed that Gullak sees gold not as a checkbox in a super-app but as a full vertical on its own, one that requires depth and focus to truly serve customers.
Investor Confidence Grows
Mandeep Kaur Julka, Vice-President at Chiratae Ventures India Advisors, said the appeal of gold in India goes beyond just financial returns. “Gold is India’s emotional asset, not just an instrument of investment. Gullak makes it simple to buy, store, and later redeem gold at any jeweller of choice. Millions of Indians would want such a solution in one easy app, and we believe Gullak is best placed to lead this market,” she explained.
With this backing, Gullak looks set to strengthen its position in the fast-growing digital gold space while building deeper connections with jewellers and customers alike.
What is Gullak
Gullak is a Bengaluru-based digital gold savings platform that allows Indians to turn small amounts of money into long-term gold savings. Founded in 2022, it enables users to set up automated micro-investments through UPI autopay and round-ups. Customers can also start gold SIPs or make one-time buys, turning everyday spending into gold accumulation.
What makes Gullak unique is its seamless redemption options. From converting gold into jewellery at thousands of partner outlets to doorstep delivery of coins and even direct cash transfers, it combines modern digital ease with the deep cultural connection Indians share with gold. By focusing exclusively on gold, Gullak has built a reputation as a specialized, trustworthy platform that resonates with households across the country.
With fresh funding and growing investor confidence, Gullak is positioning itself as the go-to app for digital gold savings in India. By focusing on smaller cities and supporting traditional jewellers with digital solutions, the startup is bridging the gap between age-old cultural traditions and modern financial technology.
