Y Combinator-backed Gullak raises $7.5M funding led by Chiratae Ventures
Gullak is pitching itself not as yet another fintech with a gold “feature,” but as a pure-play platform for “gold lovers”.
Bengaluru-based digital-gold fintech Gullak has secured $7.5 million in Series A funding, betting that India’s centuries-old obsession with gold can be reshaped for the smartphone age.
The round was led by Chiratae Ventures, with participation from White Venture Capital, Samved Ventures, and existing investors Y Combinator, GMO Fintech Fund, and Rebel Fund.
Gullak plans to deploy the capital primarily for brand building, expansion into Tier II and Tier III cities, and deepening partnerships with major jewellers to develop innovative solutions for India's gold buyers.
All that glitters
The three-year-old startup is pitching itself not as yet another fintech with a gold “feature,” but as a pure-play platform for “gold lovers”. It targets families who see jewellery purchases as both an emotional milestone and a financial safety net.
"We're talking about people who are saving for their kids' weddings, who gift gold to their wives every anniversary, who think real wealth is tangible gold," said co-founder Naimisha Rao. "They're not here for short-term gains."
Digital gold is hardly uncharted territory. Founded in 2021, Tiger Global-backed Jar, which lets users save in slivers of gold, posted an operating revenue of Rs 208 crore in FY25. Jewellery majors like Tanishq also offer a gold savings scheme in-store.
Unlike jeweller-led savings plans, which typically tie customers to a single brand, Gullak positions itself as a centralised gateway. Through partnerships with more than 5,000 outlets, including Tanishq, Kalyan and Malabar, the app allows users to accumulate gold digitally in small amounts, say, Rs 100 a day, and later redeem it across chains as jewellery for weddings, anniversaries or religious festivals.
Behind the scenes, bullion is stored with regulated partners like Augmont and can be converted into coins or withdrawn as cash at short notice. The company requires only a basic PAN verification for onboarding, which lowers barriers for first-time savers in smaller towns.
Since its 2022 launch, Gullak says its users have bought more than 1,000 kilograms of gold through its platform. It reports 300,000 active customers with an average monthly purchase of about Rs 7,000, with 80% retention at the 12-month mark, and half of new customers arriving via word of mouth. Annual recurring revenue stands at $2.5 million, and the company is targeting $10 million within a year.
The founders claim that on key festival days like Dhanteras and Akshaya Tritiya, its sales were nearly double those of the next-largest competitor.
"Gold is India’s emotional asset, not just an instrument for financial returns," said Mandeep Kaur Julka, Vice President at Chiratae. "Gold’s accumulation should be straightforward and trustworthy, and Gullak enables its easy digital purchase and storage to later make jewellery at any jeweller of choice. There are millions who would want this solution as a simple app on their phone"
Apart from its cultural pull, gold has also caught the eye of speculators. Prices have more than doubled since the pandemic, breaching Rs 1 lakh per 10 grams this year after hovering near Rs 50,000 in 2022.
The surge has been fueled by a cascade of global shocks—COVID-19, Russia’s war in Ukraine, Donald Trump’s trade battles, and now AI-driven uncertainty—all of which have pushed investors toward the shiny yellow metal.
"This will be a decade of gold," said Dilip Jain, Co-founder of Gullak, in an interview, citing global economic uncertainty and potential shifts in the international monetary order. "We believe that in the next five years, every Indian will have their gold balance on their mobile phone, just as UPI transformed cash transactions."
Edited by Kanishk Singh