Gullak, a SaaS-driven digital gold savings platform, has raised $7.5 million in a funding round led by Chiratae Ventures, with participation from White Venture Capital and Samved Ventures. The fresh capital will be used to strengthen partnerships with jewellery brands and expand the platform into tier II and III cities.
Founded in 2022 by former JusPay executives Manthan Shah, Dilip Jain, and Naimisha Rao, Gullak enables users to automate savings by converting spare change or UPI round-ups into digital gold investments. Users can also start gold SIPs from ₹100 per day and redeem accumulated gold in various forms, including home delivery of coins, jewellery purchases through partner jewellers, or direct cash transfers.
This funding brings Gullak’s total capital raised to over $12 million. Earlier rounds include a ₹10 crore pre-seed round in June 2022 and a $3 million seed round in January 2023 led by Y Combinator, with backing from Rebel Partners, Goodwater Capital, GMO Fintech Fund, TRTL Ventures, and angel investors including Kunal Shah of CRED.
The platform currently works with 3,000+ stores across 15 jewellery chains, including Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas. Competitors in the digital gold and micro-investment space include Jar, OroPocket, and Spare8, while larger fintech players like PhonePe have also entered the market.
In FY24, Gullak recorded ₹2 crore in revenue and ₹11.39 crore in losses; FY25 financials are yet to be filed.
Final Take
Gullak is bridging traditional gold investment with digital convenience, enabling Indians to save seamlessly while leveraging technology. With its latest funding, the startup is poised to deepen its reach in smaller cities and strengthen its infrastructure for a growing digital gold economy.
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