Bengaluru-based Gullak, a startup that works on a saving and investment app, has raised $3 million in a Seed backing round led by Y Combinator, Rebel Partners, besides Better Capital.
The round also saw input from other investors, including Good Water Capital, GMO Fintech Fund, TRTL Ventures, and seraphim such as Kunal Shah(Cred), Akshay Mehrotra Ashish Goyal (EarlySalary), and Kevin Moore.
Before this smoothed, Gullak raised $1.3 million as part of its pre-seed round led by Better capital and a couple of angel investors, plus Vimal Kumar and Sheetal Lalwani (Co-founders at JusPay), besides Ramanathan RV (Co-founder at Hyperface), among others.
The startup plans to use the higher capital to increase average revenue per unit (ARPU) by offering unique fiscal products, strengthening the current product, and expanding its user base. It also plans to invest in building a sturdy community and spreading financial awareness.
Founded in 2022 by earlier JusPay executives Manthan Shah, Dilip Jain, and Naimisha Rao, Gullak is a platform that aids automate savings.
The app allows workers to save small amounts regularly and automatically invest that in digital Gold. It also allows users to tenancy their Gold to get extra 5% returns every year on top of the annual Gold earnings through its latest offering Gullak Gold+.
Read More: Sequoia Capital India & SE Asia launches second cohort of Spark initiative! know the secrets