• Founded by ex-JusPay executives Manthan Shah, Dilip Jain, and Naimisha Rao, Gullak Money aims to modernize India's saving culture, introducing innovative features and strategies.
  • The app attracts 9,000 users swiftly, encouraging habitual saving through recurring investments in digital gold.
  • Gullak's Gold+ introduces a leasing model, ensuring safety and higher returns beyond gold price appreciation.

The Founding Story

In January 2022, the fintech scene in Bengaluru witnessed the birth of Gullak, a startup that aimed to revolutionize the way Indians save and invest. Founded by former JusPay executives—Manthan Shah and Dilip Jain—and joined by Naimisha Rao, the trio embarked on a journey to address a common financial issue - "financial ignorance."

Amidst cups of coffee and brainstorming sessions, they noticed that despite India's widespread saving culture, the methods were outdated.

Speaking to YourStory, Naimisha Rao pointed out, "In the 2020s, people save like they are in the 80s."

This realization became the catalyst for Gullak, pushing them to introduce an efficient solution to wealth creation.

The Gullak App - More than just savings

Fast forward to May 2022, Gullak unveiled its app, attracting nearly 9,000 users within a short span. The app's goal is simple: encourage habitual saving through innovative features.

One such feature is the recurring savings option that automatically invests small amounts in digital gold, providing users with a disciplined approach to wealth creation.

Gullak's second option, the "save on every spend" feature, rounds up daily transactions to the nearest 10's and invests the spare change into gold. The startup has partnered with Augmont Gold to facilitate this gold investment feature, earning a commission on each transaction. With options like one-time top-ups and automated savings pausing, Gullak ensures users have control and flexibility over their savings journey.

From seed to sprout - Funding for growth

In a recent funding round, Gullak secured a notable $1.3 million from investors like Better Capital and Stellaris Ventures Partners. The funds are earmarked for growth and marketing, reflecting Gullak's ambition to reach a broader audience. Angel investors, including industry stalwarts like Vimal Kumar and Sheetal Lalwani, further added credibility to Gullak's mission.

Gold+ : Gullak's innovation for wealth creation

Gullak's commitment to transforming savings takes an interesting turn with Gold+. Launched in January 2023, Gold+ isn't just about gold; it's about enhancing returns and democratizing wealth creation.

Unlike traditional gold investments, Gold+ introduces a leasing model, allowing investors to earn extra returns on top of gold price appreciation.

Partnering with Augmont, Gullak ensures the safety of leased gold, with vetted and verified jewellers offering bank guarantees. Gold+ follows a unique monthly interest payout model, providing investors with a steady stream of income in the form of additional gold grams.

In a world where financial instruments abound, Gullak's Gold+ stands out by offering simplicity, safety, and higher returns. As Gullak envisions a financially Atmanirbhar Bharat, Gold+ becomes a pivotal tool in achieving this vision.

Gullak's vision for a wealthier India

Gullak's journey from concept to reality is a testament to its founders' commitment to addressing financial challenges with innovation. The Gullak app, backed by recent funding and the introduction of Gold+, paints a picture of a company focused on empowering every Indian to grow their wealth intelligently.

In a landscape dominated by traditional savings, Gullak emerges as a beacon of change, urging users to rethink how they approach financial security. As they work towards a financial Atmanirbhar Bharat, Gullak invites users to join them on a journey where savings isn't just a habit but a pathway to a wealthier and happier India.


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Edited by Shruti Thapa