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. With 50 Mn Indians saving $2/day & with gold backed lending, this is a $1.5Bn market opportunity. Gullak’s Founding team is the team which built BHIM UPI App(10Mn Downloads in 10 Days), this was launched by the PM of India. We built large scale payment systems for partners like GooglePay / Amazon, processing more than 30Mn payments/day. This is the same team that has built more than 40+ consumer brands & their initial growth strategy.
Naimisha is the co-founder at Gullak Money, leading growth & marketing. Prior to this, she was head of growth marketing at Twin Health - a Sequoia funded Series C company where she handcrafted their growth strategy, contributing to 80% of Twin’s revenue then. Prior to that, she has worked on 40+ brand’s growth/marketing strategies & executed a lot of these strategies herself.
Hi everyone, we are Dilip, Manthan, Naimisha & we are here to introduce Gullak.
Gullak is a mobile app that automates savings & invests these in gold. With Gullak, users can get started with auto saving just $1/day or with auto saving spare change.
We went from 200 to 30000 MTU in just 50 days & have hit an MRR of $2000. We are growing 25% Week on Week.
A little more about us:
Manthan, Built ‘Visa Safe Click’ from scratch, the first one-click card authentication solution in India. Is a power house of ideas & loves experimenting
Dilip, In just the first 2 years of his career built India’s first large scale UPI app - BHIM(10M users in 10 Days, launched by the PM of India). Does not stop till he solves the problem at hand
Naimisha, having worked with 40+ brands comes with a rich experience in handcrafting Consumer Brands. Loves talking to & understanding the users
India Loves Savings But,
India loves savings but the way the majority of India(next 100 Mn) saves is manual, unstructured & non wealth creating. 200 Mn Indians save manually in assets such as Savings Accounts/FD/LIC Policies and these instruments do not beat inflation.
Gold SIPs to the rescue
Automating savings in Gold using UPI Autopay removes the problem of manual & unstructured savings & hence making it easier for everyone to create more wealth.
Features our users love
Save on every spend
Daily/Monthly SIPs
Here’s a 1 minute Product Explainer
Our Ask
The India we envision