Gullak raises $3 million from YC and Rebel Partners in fundraising
App for investing and saving Gullak reported that new investors Y Combinator and Rebel Partners contributed $3 million to its seed round of funding. Along with Good Water Capital, the GMO fintech fund, and TRTL Ventures, existing investor Better Capital also invested in the round. Along with other angel investors, the round included investments from the co-founders of Fibe and Cred, Akshay Mehrotra and Ashish Goyal.
The business claims that it would utilise the money to develop distinctive financial products, improve its current product line, and increase the number of users. Additionally, it intends to invest in strengthening local communities and raising people's financial literacy. Gullak is a platform that assists customers in automating their savings and was established in 2022 by former JusPay executives Manthan Shah, Dilip Jain, and Naimisha Rao.
Through the app, users can save small amounts on a regular basis and automatically invest them in financial instruments such as digital gold. “We are excited to be founding stage investors in Gullak as they make wealth creation easy for 200 million Indians and have been thrilled to see the quality of traction already”, said Vaibhav Domkundwar, chief executive and founder of Better Capital, an early-stage venture backer which has invested in fintechs including Slice, Open, M2P and others.
The app currently has a daily gross transaction volume (GTV) of 22 lakh, according to a release. By August, it anticipates reaching one billion daily transactions. "We are motivated by our ambition to democratise wealth creation while simultaneously focusing on the acquisition, retention, and monetization pillars of a sustainable business. The trip ahead appears thrilling, but we have only just started," stated Manthan Shah, cofounder of Gullak.
In June of last year, Gullak closed a $1.3 million pre-seed round sponsored by Better Capital. JusPay co-founders Vimal Kumar and Sheetal Lalwani, Hyperface co-founder Ramanathan RV, and Uni inventor Nitin Gupta were a few of the angel investors who participated in the round.
The business claims that it would utilise the money to develop distinctive financial products, improve its current product line, and increase the number of users. Additionally, it intends to invest in strengthening local communities and raising people's financial literacy. Gullak is a platform that assists customers in automating their savings and was established in 2022 by former JusPay executives Manthan Shah, Dilip Jain, and Naimisha Rao.
Through the app, users can save small amounts on a regular basis and automatically invest them in financial instruments such as digital gold. “We are excited to be founding stage investors in Gullak as they make wealth creation easy for 200 million Indians and have been thrilled to see the quality of traction already”, said Vaibhav Domkundwar, chief executive and founder of Better Capital, an early-stage venture backer which has invested in fintechs including Slice, Open, M2P and others.
The app currently has a daily gross transaction volume (GTV) of 22 lakh, according to a release. By August, it anticipates reaching one billion daily transactions. "We are motivated by our ambition to democratise wealth creation while simultaneously focusing on the acquisition, retention, and monetization pillars of a sustainable business. The trip ahead appears thrilling, but we have only just started," stated Manthan Shah, cofounder of Gullak.
In June of last year, Gullak closed a $1.3 million pre-seed round sponsored by Better Capital. JusPay co-founders Vimal Kumar and Sheetal Lalwani, Hyperface co-founder Ramanathan RV, and Uni inventor Nitin Gupta were a few of the angel investors who participated in the round.
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