Y Combinator-backed Gullak Raises $7.5M Series A Led by Chiratae Ventures
2 min read
Funding Update
Bengaluru fintech firm Gullak, specializing in digital gold savings, has secured $7.5 million in Series A financing. The round was spearheaded by Chiratae Ventures and joined by White Venture Capital, Samved Ventures, and existing investors Y Combinator, GMO Fintech Fund, and Rebel Fund.
Launched in 2022 by co-founders Naimisha Rao and Dilip Jain, the three-year-old platform focuses on modernizing India’s deep-rooted gold-saving culture through a mobile-first model. Gullak aims to channel the fresh funds toward boosting brand visibility, expanding into smaller cities, and strengthening alliances with major jewelry retailers like Tanishq, Kalyan, and Malabar. Integrated with over 5,000 outlets, the app enables users to gradually accumulate gold digitally—starting at just ₹100 per day—and later redeem physical jewelry for occasions such as weddings or festivities.
“Our users are planning for life milestones, gifting gold as symbols of love, or building tangible wealth—it’s not just about financial gains,” Rao explained.
Differentiating itself from jeweler-led schemes, Gullak offers a unified platform with secure bullion storage via partners like Augmont. The company reports 300,000 active users, an 80% retention rate after one year, and over 1,000 kg of gold purchased since inception, averaging ₹7,000 monthly per user. During peak festivals like Dhanteras and Akshaya Tritiya, Gullak’s sales reportedly doubled those of competitors. Currently generating $2.5 million in annual recurring revenue (ARR), the startup targets $10 million ARR within 12 months.
“Gold carries deep emotional value in India, and Gullak simplifies its accessibility while ensuring trust,” noted Mandeep Kaur Julka of Chiratae Ventures.
Amid 2025’s economic volatility—with gold prices exceeding ₹1 lakh per 10 grams—the founders foresee surging demand for digital alternatives. “This decade belongs to gold,” said Jain. “Just as UPI revolutionized payments, we envision every Indian holding gold digitally within five years.”
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