Y Combinator-backed saving and investment app Gullak announced on January 19 that it has raised $3 million in funding as part of its seed round from new investors YC and Rebel partners and existing investor Better capital.
Other investors that participated in the funding round include Good water capital, GMO fintech fund, TRTL ventures and angel investors - Kunal Shah (Cred), Akshay Mehrotra and Ashish Goyal (Early salary), and Kevin Moore, among a few others.
Gullak had earlier raised $1.3 million as part of its pre-seed round led by Better capital and some angel investors, including Vimal Kumar and Sheetal Lalwani (Co-founders at JusPay), Ramanathan RV (Co-founder at Hyperface), Nitin Gupta (Founder and CEO at UniCards) and Prasanna Sankar (Co-founder at Rippling) among others.
The startup will utilise the funds to increase average revenue per unit (ARPU) by offering unique financial products, strengthening the current product, and also to expand its user base. It also plans to make investments in building a strong community and spreading financial awareness.