Gullak Money
Gullak Money, a fintech company based in Bengaluru, India, specializes in digital gold investments and automated savings, growing rapidly with a focus on financial literacy and security.
Services
Gullak Money offers several financial services primarily focused on savings and investments. A key product is the compound calculator that helps users understand the benefits of compound interest. The platform also features automated savings on every spend, enabling users to save a small amount regularly, as little as $1 a day in digital gold. It offers options for both one-time and lump sum investments in digital gold, providing an alternative to traditional savings methods. Users can also withdraw their savings anytime, either as cash or gold.
Founders
The founding team behind Gullak Money has a proven track record in the fintech industry. They previously developed the BHIM UPI App, which garnered 10 million downloads within 10 days of its launch. This experience likely contributes to Gullak's rapid growth and the robust features it offers.
Funding
Gullak Money has successfully raised INR 10 crore in pre-seed funding. This financial backing has likely facilitated its quick launch and the development of key platform features. The company is part of the Y-Combinator S22 batch, which provides additional credibility and resources for growth.
Market Opportunity
Gullak Money targets a substantial market opportunity, identifying a $1.5 billion potential within India. With an estimated 50 million Indians capable of saving $2 daily, the platform leverages the cultural affinity for gold by automating savings into digital gold. The company's financial products cater to a market that is keen on secure, everyday savings and investments.
User Base and Growth
In just 60 days since its launch, Gullak Money has grown from zero to 40,000 transacting users, with a current monthly GTV (Gross Transaction Value) of $280K. The user base is expanding at a rate of 25% week on week. This rapid growth indicates strong user engagement and the immediate appeal of its financial services in the target market.