Gold savings app Gullak has raised $7.5 million in its Series A funding round, with Chiratae Ventures leading the investment.
The funding round also included support from White Venture Capital and Samved Ventures.
In addition, existing investors like Y Combinator, GMO Fintech Fund, and Rebel Fund increased their investment, showing strong confidence in Gullak’s growth.
The startup plans to use the new funding to strengthen its relationships with jewellers and grow its presence in smaller cities across tier-2 and tier-3 markets.
“To go deeper in this market and solve all the customer pain points will require partnerships and co-creation of innovative solutions with jewellers. A chunk of our time and money will also go into brand building,” said Dilip Jain, cofounder of Gullak. “We will go deeper into the market and expand because there is a large concentration of gold lovers in the country”.
“Gold is India’s emotional asset, not just an instrument for financial returns,” said Mandeep Kaur Julka, Vice President at Chiratae. “Gold’s accumulation should be straightforward and trustworthy, and Gullak enables its easy digital purchase and storage to later make jewellery at any jeweller of choice. There are millions who would want this solution as a simple app on their phone.”
Founded in 2022 by Dilip Jain, Naimisha Rao, and Manthan Shah, Gullak allows users to invest in digital gold and redeem it as physical gold through partner jewellers.
The platform currently partners with over 15 jewellers and more than 3,000 stores, including Tanishq, Kalyan Jewellers, Malabar Gold, and Joyalukkas.
Gullak reports having nearly 300,000 active users who regularly transact on its platform. Through the app, users can start gold SIPs with just ₹100 per day or make one-time gold purchases.
