Gullak Money
New accelerator entry · 2022-08-08 · the record
In their words
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.
What the record says
The full profile
Source Check, INVEST, RECRUIT and Press Requests on Gullak Money
- Source Check — verify what Gullak Money states, against the registers that hold it.
- INVEST — size up this company on the figures its record states.
- RECRUIT — see who is already on the team.
- Press Requests — connect with Gullak Money for a story.
You land back on this company when you are in.
Not ready to upgrade? Keep this one in view instead.
Watchlist Gullak MoneyYou get an alert in MentionFox the next time this company shows up.
Is this you?
If you're behind Gullak Money: acceptance into a YC batch is one of the few weeks a young company gets looked up by people who matter — investors, other founders, press. FoxPlug turns the commits, deploys, and releases you're already making into that story automatically, so anyone who looks finds something current. FoxChat puts a guide on your own site so the people YC's own page just sent you don't read one line and leave.
Sourced from the company's Y Combinator directory entry.