Gullak Funding: Gullak raises $3 million from YC and Insurgent Companions

Financial savings and investing app Gullak introduced Thursday that it has raised $3 million from new buyers in its seed spherical Y combiner and insurgent companions.

Current buyers higher capital participated within the spherical together with Good Water Capital, the GMO fintech fund and others TRTL Ventures.

Angel buyers, together with Cred founder Kunal Shah and Fibe co-founders Akshay Mehrotra and Ashish Goyal, additionally invested within the spherical.

In keeping with the startup, it can use the funds to supply distinctive monetary merchandise, strengthen its present product portfolio, and develop its person base. There are additionally plans to make some investments in constructing a robust neighborhood and spreading monetary consciousness.

Based in 2022 by alumni solely pay Executives Manthan Shah and Dilip Jain and Naimisha Rao, Gullak is a platform that helps customers automate their financial savings.

Utilizing the app, customers can commonly save small quantities and mechanically spend money on monetary devices equivalent to digital gold.

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“We’re excited to launch Stage buyers in Gullak as they facilitate wealth creation for 200 million Indians and have been thrilled to see the standard of traction already,” stated Vaibhav Domkundwar, CEO and founding father of Higher Capital, in an early Section enterprise backer who has invested in fintechs like Slice, Open, M2P and others. At the moment, the app has a each day gross transaction quantity (GTV) of twenty-two lakh, it stated in an announcement. Every day transactions are anticipated to succeed in 1 crore by August.

“We’re pushed by our imaginative and prescient to democratize wealth creation whereas engaged on all three pillars of a sustainable enterprise – acquisition, retention and monetization. Now we have solely simply begun and the journey forward appears thrilling,” stated Manthan Shah, co-founder of Gullak.

In June final yr, Gullak raised $1.3 million in its pre-seed spherical led by Higher Capital. Angel buyers together with co-founders of JusPay Vimal Kumar and Sheetal Lalwani; Hyperface co-founder Ramanathan RV and Uni founder Nitin Gupta additionally joined the panel.

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