Gullak Money

Gullak automates savings & invests these in gold

Based based in Bengaluru, KA, India, Gullak Money works in fintech.

Profile

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.

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 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.

The company sits in the fintech segment, where it competes on its core product or service.

The business is associated with Bengaluru, KA, India.

The company is listed at the Summer 2022 stage of development.

The company reports a headcount in the 15 range.

Website: gullak.money