Bangalore (Karnataka) [India], January 6 (ANI/NewsVoir): After giving its users an option to automate their savings into Gold & earn up to 11 per cent returns annually, Fintech app Gullak now launches Gullak Gold+ to give its users not 11 but 16 per cent returns on Gold. Gullak does this by giving users an assured extra 4-5 per cent Gold every year on top of the 11 per cent historical returns of Gold.
With this launch, Gullak becomes the first ever B2C app to give users an extra 4-5 per cent in Gold grams every year on all Gold investments made on the app. Gullak gives the users extra returns by allowing them to lease their Gold to India's trusted jewellers & get extra 5 per cent interest per annum in the form of 24K Gold from these jewellers. This is also the first ever time this practice (Gold leasing) will be secured using a 100 per cent bank guarantee from the jeweller.
"Gold leasing is a practice that has been prevalent in the offline market but is limited to a very small population (Top 0.01 per cent of India) & the minimum quantity to lease has been upwards of 1KG of Gold. Gullak becomes the first to digitise & democratise the same. We want to give all our users secure ways to create more wealth & this is yet another step towards that," says Dilip Jain, Co-founder, Gullak.
Jewellers prefer to get Gold metal for their working capital to protect themselves from price fluctuations & be more capital efficient. The jewellers are screened & verified by Augmont - India's largest & most trusted fully integrated Gold player. Augmont vets the security provided by each of these jewellers as collateral for the lease & takes bank guarantee equivalent to 100 per cent of the INR value. The jeweller coordination is done by Gullak/Augmont & the extra Gold is deposited back into users Gullak at the end of every month.
"The process to avail Gold+ is simple & can be done by anyone in 3 quick steps & in less than 5 minutes. There are no lock-ins, i.e, the user can withdraw Gold at any point - Users can withdraw as cash or get the Gold delivered at home. The minimum quantity to lease is just 0.5 grams. Gullak Gold+ returns beats returns from all other Gold instruments & becomes the best choice for anyone wishing to invest in Gold for long term," says Manthan Shah, Co-founder, Gullak.
"The first requirement listed by the jewellers is already booked by our existing customers. We are seeing great inbound response for the product & are happy to have provided our customers with an innovative solution to create more wealth," added Manthan Shah.
Founded in the year 2022, Gullak, a leading YCombinator fintech startup, since the launch of its app in the month of June has already made over 14 crores worth of digital gold purchases made via the app. It aims to grow by 10X by the end of this quarter.
For more information, please visit gullak.money.
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