Gullak (YC S22)

Gullak automates savings & invests these in gold

Last Funded January 2023


raised from 150 investors


Y Combinator

Raised from Y Combinator

$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

Our Team

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.