Existing investor Better Capital also participated in the round with Good Water Capital, GMO fintech Fund, and TRTL Ventures.
Angel investors including Cred founder Kunal Shah and Fibe founders Akshay Mehrotra and Ashish Goyal also invested in the round.
According to the startup, the funds will be used to offer unique financial products, enhance its existing product portfolio and expand its user base. It also plans to make some investments in building a strong community and spreading financial awareness.
Founded in 2022 by former JusPay CEOs Manthan Shah and Dilip Jain, as well as Naimisha Rao, Gullak is a platform that helps users automate their savings.
Through the app, users can save small amounts on a regular basis and have them automatically invested in financial instruments such as digital gold.
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“We are excited to be a founding investor in Gullak because they are making wealth creation easy for 200 million Indians, and we are excited to see the quality of the attraction already,” said Vibhav Dhumkondwar, CEO and founder of Better Capital, at an early stage. venture backer that has invested in fintech companies including Slice, Open, M2P and others, and said in a statement that the app records 22k total daily transaction volume (GTV). It is expected to touch 1 crore daily turnover by August.
“We are driven by our vision to democratize wealth creation while working on all three pillars of sustainable business – acquisition, retention and monetization – at the same time. We are just getting started and the journey ahead looks exciting,” said Manthan Shah, co-founder of Gullak.
In June of last year, Gullak raised $1.3 million as part of a pre-seed round led by Better Capital. angel investors including JusPay founders Vimal Kumar and Sheetal Lalwani; Also participating in the round were Ramanathan RV, founder of Hyperface, and Uni founder Nitin Gupta.