Gullak Money: Save easily, invest smartly | The Financial Express

Gullak Money: Save easily, invest smartly

This virtual piggy bank helps individuals automate savings

Gullak Money: Save easily, invest smartly
Gullak has an intelligent Savings Assistant that analyses users' spending and recommends smart savings suggestions to the users.” Naimisha Rao, Co-Founder, Gullak

With the amount of information that one has at their fingertips today, wealth creation is not very difficult. In recent times, stocks, mutual funds, and fixed deposits have emerged as alternative modes of investment. Yet, millions of people are unsuccessful with wealth generation even though they, according to their understanding, are saving in the best way possible. Indian culture has always taught us how to save, and we love to stay disciplined when it comes to investing; however, the issue lies in where we hold. More often than not, we have been taught to save in such asset classes, which do not even beat India’s inflation when looked at in the long run. Built to cater to this challenge, three entrepreneurs came together to create an automated savings platform —Gullak. The idea was simple—Democratise wealth creation and become a brand synonymous with ‘savings.’

Having an experience in the fintech space while building BHIM, UPI stacks for Google Pay and Amazon, the founding team at Gullak – Manthan Shah, Dilip Jain and Naimisha Rao, realised their natural inclination towards contributing towards the development of the fintech space. Their want drove them to solve the real issue at scale by tapping into the ecosystem’s problems. By identifying the wise investing ecosystem gap, they created Gullak to make wealth generation easier and relieve the masses’ financial anxiety by helping them achieve their financial goals.

Gullak helps users create wealth by automating micro-savings & auto-investing that into digital gold, says Rao. The app offers two major saving options for its consumers—the first is the ‘recurring savings option’, where users can save a fixed amount daily/monthly. The second option is the ‘save on every spend’ option, where the app rounds up the user’s daily transactions to the nearest 10’s and auto invests that into 24K 99.9% pure gold. The app also has other features such as ‘pause savings anytime’, “withdraw at just a click”, and “Top ups to add lump sum amounts”.

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To make their offerings more seamless, Gullak also uses UPI Autopay to automate users’ savings and makes it extremely easy for users to save regularly and effortlessly. Through Auto Anomaly Detection, the platform constantly monitors the UPI AutoPay success rate and takes automatic corrective action to hit a 100% transaction success rate.

“Gullak has an intelligent Savings Assistant that analyses users’ spending and recommends smart savings suggestions to the users. The multiparty robust payout system was built to ensure the withdrawn money hit the user’s bank account within 30 seconds. It has been critical in building the platform’s credibility by aiding users to use their savings when needed instantly,” says Rao.

Incorporated in January 2022, Gullak successfully raised $1.3 million during their pre-seed round by the end of February 2022. The startup got into YCombinator (S22 batch) and launched its beta version in May. Since its public launch in June, the micro-savings platform has gained high traction from the audience. Today, standing at 50000 transacting customers and $540000 monthly GTV (Gross Transaction Value), currently, Gullak witnesses week-on-week growth of 25% daily GTV.

The company aims to help India’s low-income population generate wealth and has reached this high in such a short time due to actively catering to the needs of its audience. Currently, the platform is in the works to launch a few fascinating features based on user feedback and requirements. Speaking about the startup’s vision, Rao adds, “UPI’s success inspired us in changing the way India makes payments and riding the tailwinds of UPI autopay launch, we aim to help around 200 million Indians save smartly and generate wealth on their own.”

Gullak operates a savings and investment platform
Enables users to save small amounts and invest them in digital gold
App features two saving options – recurring savings and save on every spend option
Raised $1.3 million during their pre-seed round by end of February 2022
Stands at 50,000 transacting customers, $540000 monthly GTV (gross transaction value)

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First published on: 21-11-2022 at 02:00:00 am
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