Bengaluru-based fintech startup Gullak has secured $7.5 million in Series A funding, led by Chiratae Ventures, with participation from White Venture Capital, Samved Ventures, and existing backers Y Combinator, GMO Fintech Fund, and Rebel Fund. The fresh capital takes the company’s total funding past $12 million.
Founded in 2022 by former JusPay executives Manthan Shah, Dilip Jain, and Naimisha Rao, Gullak positions itself as a pure-play digital gold savings platform—targeting families for whom gold is both a cultural tradition and a financial safety net. Unlike gold “features” offered by larger fintech players, the company pitches itself as a dedicated platform for “gold lovers.”
A Different Spin on Digital Gold
Digital gold isn’t new. Players like Jar, backed by Tiger Global, have scaled rapidly, and jewellery majors such as Tanishq run in-house savings schemes. Gullak’s approach, however, is to act as a centralized gateway. Its users can accumulate gold in micro-payments starting from ₹100 a day and later redeem holdings across multiple jewellers instead of being locked to a single brand.
The company works with more than 3,000–5,000 outlets, including Tanishq, Kalyan, Malabar, and Joyalukkas, and stores bullion with regulated partners like Augmont. Redemption options include jewellery purchases, home-delivered coins, or conversion into cash.
“Our users are not speculators. They’re people saving for weddings, anniversaries, or long-term family traditions,” said co-founder Naimisha Rao.
Growth Metrics and Retention
Since launch, Gullak claims customers have purchased more than 1,000 kilograms of gold through its platform. It reports 300,000 active users, with an average monthly purchase of about ₹7,000, and 80% 12-month retention. Half of new users join via word of mouth. Annual recurring revenue currently stands at $2.5 million, with a target of $10 million in the next year.
In FY24, the company reported ₹2 crore in revenue against ₹11.39 crore in losses, according to regulatory filings.
The Market Context
India’s gold obsession has long been tied to emotional milestones and financial security. Demand has only grown as global shocks—COVID-19, the Ukraine war, trade tensions, and AI-driven uncertainty—have doubled gold prices since 2022, crossing ₹1 lakh per 10 grams this year.
“Gold is India’s emotional asset, not just a financial instrument,” said Mandeep Kaur Julka, Vice President at Chiratae Ventures. “Gullak enables its simple digital accumulation and redemption anywhere, which millions will find valuable.”
Co-founder Dilip Jain argues that just as UPI transformed cash transactions, mobile-led gold savings will become the norm: “In the next five years, every Indian will have their gold balance on their phone.”
With funding in place, Gullak plans to invest heavily in brand building, expand into tier II and III cities, and deepen ties with jewellery chains. The challenge will be scaling sustainably while competing with well-funded rivals like Jar and PhonePe, both eyeing the same “digital gold” opportunity
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