Gullak Funding: Gullak Investment App Raises Rs 10,000,000 Funding From Better Capital, Stellaris

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New Delhi: Gullak, a Bengaluru-based savings and investment app, said it raised Rs 10 crore in a funding round led by Better Capital and Stellaris Venture Partners.

The startup will deploy capital to expand its reach and use new funds for product enhancement and marketing.

The round also saw the participation of several angel investors, namely Vimal Kumar and Sheetal Lalwani (co-founders of JusPay), Shan MS (chief growth officer, JusPay), Ramanathan RV (co-founder of Hyperface), Maya Kunnath (head of legal , Hyperface), Nitin Gupta (Founder and CEO of UniCards) and Prasanna Sankar (Co-Founder of Rippling).

Gullak, which was founded in January 2022 by former JusPay executives Manthan Shah and Dilip Jain and Naimisha Rao. It allows customers to save small amounts of money on a monthly basis and automatically invest them in digital gold.

“The way the majority of Bharat people save is very manual and unstructured, they continue to put all their money in non-inflationary instruments that give less than 5% return. We have been part of the UPI journey since the early days and are amazed by how UPI has completely changed the way India transacts, we want to bring the same positive change to savings!” the co-founders said in a statement.

The company expects to achieve one lakh monthly active users (MAU) and a gross transaction value of 10 lakh (GTV) per day.

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“Gullak helps millions of users automate their savings and investments in an easy, fast and sustainable way, which is a big missing piece in India. We are delighted to be a founding partner of Gullak to facilitate wealth creation,” said Vaibhav Domkundwar of Better Capital.

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