September 24, 2025: Gullak, a digital gold platform has raised $7.5 million in Series A funding, to further raise brand awareness, foray into Tier II and Tier III geographies, and consolidating partnerships with big jewellers to create innovative solutions for India’s gold investors.
The startup targets families who see jewellery purchases as an emotional milestone and a financial safety net. “We’re talking about people who are saving for their kids’ weddings, who gift gold to their wives every anniversary, who think real wealth is tangible gold,” said co-founder Naimisha Rao. Adding, “They’re not here for short-term gains.” Digital gold is an underserved area.
Founded in 2021, Tiger Global-backed Jar, which lets users save in slivers of gold, posted an operating revenue of Rs 208 crore in FY25. Positioning itself as a differentiator, the startup claims it is does not promote jeweller-led savings plans, which typically bond customers to a single brand, it is positioning the brand as a centralised gateway.
Gullak’s Vision: Every Indian Will Have Gold on Their Phones
Through partnerships with more than 5,000 outlets, which include leading brands such as Tanishq, Kalyan and Malabar, the app enables subscribers to accumulate gold digitally in small amounts, say, Rs 100 a day, and later redeem it across chains as jewellery for weddings, anniversaries or religious festivals.
According to Gullak, Gold is kept safe with trusted partners like Augmont, and it can easily be turned into coins or cash whenever needed. To get started, all you need is a simple PAN card verification, making it easier for new savers, especially in smaller towns, to invest.
Since its launch in 2022, Gullak has seen impressive growth, with users purchasing over 1,000 kilograms of gold on its platform. The company now boasts 300,000 active customers, who on average spend Rs 7,000 monthly. The brand enjoys a strong 12-month retention rate of 80%, with half of its new sign-ups coming through word of mouth.
Annual recurring revenue of the firm stands at $2.5 million, and the company is targeting $10 million within a year. The founders claim that on key festival days like Dhanteras and Akshaya Tritiya, its sales were nearly double those of the next-largest competitor.
“Gold is India’s emotional asset, not just an instrument for financial returns,” said Mandeep Kaur Julka, Vice President at Chiratae. “Gold’s accumulation should be straightforward and trustworthy, and Gullak enables its easy digital purchase and storage to later make jewellery at any jeweller of choice. There are millions who would want this solution as a simple app on their phone”
Since the pandemic, gold prices have more than doubled, exceeding Rs 1 lakh per 10 grams this year, up from Rs 50,000 in 2022. Global crises like COVID-19, the Ukraine war, trade disputes under Trump, and AI uncertainty have all pushed investors toward the precious metal.
“This will be a decade of gold,” said Dilip Jain, Co-founder of Gullak, in an interview, citing global economic uncertainty and potential shifts in the international monetary order. “We believe that in the next five years, every Indian will have their gold balance on their mobile phone, just as UPI transformed cash transactions.”
The latest funding round was led by Chiratae Ventures, with participation from White Venture Capital, Samved Ventures, and existing investors Y Combinator, GMO Fintech Fund, and Rebel Fund.
