# Gullak (YC S22)

Gullak automates savings & invests these in gold.

- Canonical URL: https://wefunder.com/gullak
- Entity ID: wefunder:company:124060
- Last updated: 2026-06-22T05:03:39Z
- Generated at: 2026-06-22T15:32:08Z

## Quick facts
- $350k Monthly GTV in 60 days, growing 25% Weekly
- 40k transacting customers, 41% share organic and referral, 1.75% take rate
- Team grew Juspay eng from 10 to 350, Seed to Series C, and built payment system for Govt of India
- 10+ product releases in 60 days, achieved in 2 months 50% of what competition achieved in a year
- $2.2m raised as part of the current round, and $1.3m prior to YC from Better Capital and Stellaris
- Notable investors include Better Capital, Rebel Partners, GMO Fintech Venture Fund, Pioneer Fund

## Active fundraises
- wefunder:fundraise:71255: 4(a)(6) successful (USD)
- wefunder:fundraise:71256: 4(a)(6) successful (USD)

## Story
Gullak is a mobile app that automates savings & invests these in Gold.We launched in India 60 days ago and have grown from 0 to 40k transacting users and hit a monthly GTV of $280K already.We are growing 25% week on week.Gullak’s Founding team is the team which built BHIM UPI App (10Mn Downloads in 10 Days), this was launched by the PM of India.We built large scale payment systems for partners like GooglePay / Amazon, processing more than 30Mn payments/day.This is the same team that has built more than 40+ consumer brands & their initial growth strategy.India is a nation of savers but the way the majority of India saves is non-smart & does not create wealth. There are 200 Mn Indians who save manually in bank deposits, the returns from these instruments do not even beat India's inflation.Gold is an instrument that India loves - 30Bn worth of gold is purchased in India every year by middle income households.Gold has great cultural significance in India & there is high familiarity with the asset class.Despite gold being a familiar asset class & giving 5% higher returns than bank deposits, 200 Mn Indians still save manually in these non wealth creating bank deposits.This is largely because the ways to save in Gold required painful discrete activities such as manually accumulating money to buy gold, going to offline stores to buy this gold, incurring storage charges & more.The minimum ticket size for purchasing gold at these stores is $50 adding to more friction to saving in Gold.Using automated savings, Gullak now makes it extremely easy for users to save small amounts regularly ($1/day) in digital Gold.This was not possible a year ago because the underlying infrastructure (UPI Autopay) was missing.With 50 Mn Indians saving $2/day & with gold backed lending, this is a $1.5Bn market opportunity.Forward-looking projections cannot be guaranteed.Forward-looking projections cannot be guaranteed.Forward-looking projections cannot be guaranteed.

## Team
- Naimisha Rao (Co-Founder & Growth)
- Dilip Jain (Co-Founder & Eng)
- Manthan Shah (Co-Founder & Product)

## Q&A
- Q: No feedback from company founders, no updates, no nothing. If they act this way now that they need funding, I can't imagine how they will act once they have closed funding round with investments in their account. I'm out. Good luck everyone.
- Q: Why the amount you demand is so high??Why is the funding request not phased out?
- Q: Hi everyone! Your newly release Form C on page 7 states you hold $0 cash assets and have $0 net income since inception. How are you able to justify such a high ($25m) valuation without any income or stored assets? Thanks! 25.Oct.2022
- Q: How has the traction evolved since August? What's your GTV at the end of October?
- Q: Adding to Nirmal’s question, please let us know the valuation for $2.2 Million raised ?? Want to invest much more but the valuation cap is way too high….
- Q: I see that you've raised $2.2M off WeFunder. Are you able to disclose who the co-investors are?
- Q: Hi, is that app only accessible for Indian customers or anywhere in the world? If only India right now, are you planning to expand any offering in US? I want to understand the reason for raising money in US for app specific to India.
- Q: Looks like we got rug pulled on this one everyone.
- Q: Where is Wefunder success team when you really need them?
- Q: Any updates? Any financials?
- Q: What is up with these guys? Looks like the last communication was February 2023. It's about time to purge these guys off the wefunder list, Y combinator List, etc. if they're not going to give any status or updates what's going on with our investment they asked for
- Q: They raised a $7.5M series A in September.
- Q: Still crickets and they just announced a partnership with Monetary Metals. Somebody should be responding to investors. Does anyone else here have any info? " Monetary Metals, the global leader in delivering a Yield on Gold, Paid in Gold®, has announced a strategic partnership with Gullak, a leading Y Combinator-backed digital gold platform based in India. Under the partnership, Gullak will deliver gold to Monetary Metals for its financing operations in India. It will also offer its user base access to gold yield through Monetary Metals’ Gold Yield Marketplace® platform. This collaboration brings together Monetary Metals’ global expertise in gold leasing and yield generation with Gullak’s fast-growing digital offering and extensive reach among India’s tech-savvy savers and investors. According to the World Gold Council’s Gold Demand Trends 2024 Report, India recently surpassed China as the world leader in total gold demand (jewelry + investment + other sources), measuring over 800 tons of gold demand in 2024. That’s over $100 billion at today’s gold prices ."
- Q: There is no update so far !
- Q: How can we chat with Lead Investor? @Ravi Shankar