Gullak, a gold investment and savings platform, has raised $7.5 million in its Series A funding round led by Chiratae Ventures. 

The funding round saw participation from White Venture Capital and Samved Ventures, along with existing investors Y Combinator, GMO Venture Partners, and Rebel Funds.

The Bengaluru-based startup will use the fresh capital to boost brand presence and marketing efforts, expand reach in tier II and III cities, and further deepen partnerships with jewellers to offer innovative solutions to users across different market segments.

Gullak, whichi was founded in 2022 by Manthan Shah and Naimisha Rao, allows users to buy gold and save money to invest in gold or digital gold via gold SIPs starting from Rs 100 per day, or make one-time purchases. The savings can be redeemed as jewellery from more than 5,000 jewellery stores on the app, or via doorstep delivery of coins or direct cash transfers.

The startup claims every user saves an average of Rs 7,000 per month on the platform, with users having purchased more than 1,000 kg of gold since inception.

Gullak previously raised $3 million in its seed round from Y Combinator, Better Capital, and others in 2023. 

The Indian gold fintech sector continues to attract investor interest, with startups like Jar having raised significant funding. Jar has raised $63.3 million in funding from investors including Tiger Global and Tribe Capital. However, startups like Plus Gold and GoldPe have shut operations, highlighting the competitive nature of the digital gold investment space.