India is traditionally a savings country, but the majority of Indians “Suboptimal and not smart” How Wealth Creation Fails.
Towards the end of 2021, Jaspay executives Mantan Shah When Dilip Jayne We were looking for the next big fintech in India when we met our third co-founder Naimisha Rao Through common business networks.
Their internal research reveals significant differences in how the top 2% of Indians and the remaining 98% save and invest. As many as 200 million Indians are manually accumulating wealth that cannot even beat inflation, due to and resulting from widespread financial ignorance.
In January 2022, this launched the trio
, a gold-based savings app that democratizes wealth creation and provides every Indian with a smart and easy way to create wealth. This allows a user to save a small amount on a regular basis and that savings he automatically invests in 24 carat gold, serving her next 200 million Indians “financially atmanirbhar Bharat”.“Wealth creation should be accessible to everyone and we are always striving to achieve the same. We want to partner with people on their wealth creation journey,” says co-founder Dilip.
early this month, Gullak raises $3 million in seed round It is led by new investors YC and Rebel Partners, and existing investor Better Capital. Previously, he raised $1.3 million in a pre-seed round led by Better Capital and angel investors such as Vimal Kumar and Sheetal Lalwani (co-founder of JusPay).
The startup operates in the highly competitive Indian gold market and competes with players such as Jar, Siply, Paytm, PhonePe, SafeGold and OroPocket. Y Combinator’s Summer 2022 Cohort Along with 18 other Indian startups.
The co-founders say their strengths in technology and product backgrounds are reflected in the transparency and simplicity of the fintech app.
“Garruk is made for Bharat. The design and functionality are all built for Bharat users. says Mr.
The startup launched the public version of its app in June 2022, claiming digital gold purchases worth Rs.75 lakh were made via the app. Gullak claims that to date he has generated $12,000 of his MRR and sold 28 kg of gold. The total daily trading volume increased from he Rs.200,000 to he Rs.220,000 in 7 months.
Build Atmanirbhar Bharat financially
The Gullak app has two main save options. We offer recurring savings options that allow users to save a set amount daily or monthly to invest in digital gold. Users can set up power of attorney and enable automatic microsavings via UPI autopay. It also allows the user to save extra pennies by rounding up the user’s daily transactions to his tenth place and automatically investing the change in gold.
There is no lock-in and users can withdraw their savings anytime – as cash or as gold delivered to their home.
The startup has partnered with Augmont Gold, a Mumbai-based digital gold platform, to offer this gold investment capability, earning 1.5% to 2% upfront earnings on each transaction from Augmont.
The savings startup recently launched Gullak Gold+, its latest investment option that allows users to get the best returns on gold. Gullak Gold+ gives users 5% gold annually on top of the past 11% gold return. This is done by leasing/renting gold to large jewelers who use it for their daily operations, and in return giving monthly interest to users.
For example, if the price of gold rose 11% in a year, Gullak’s Gold+ users could generate an additional 5% through leasing. The founders claim that this will give them a total return of 16%, which is much higher than the return of gold from other investment options such as SGB, gold ETF, gold fund and many funds.
The minimum amount of gold to lease is 0.5 grams. All jewelers are vetted by Mumbai-based digital gold platform Augmont.
“Gold leasing is a popular practice in the offline market, but it is restricted to a very small population (top 0.01% in India). The minimum amount to lease was 1kg or more of gold. and democratize it to give users a secure way to generate more wealth,” said Dilip.
The company plans to use its latest funding to increase its average revenue per unit (ARPU) by growing its user base, offering unique financial products and enhancing its current offering. increase. We also plan to invest in building strong communities and spreading financial awareness.