Gullak, a savings and investment app backed by American start-up accelerator Y Combinator, has raised $3 million from new investors YC and Rebel partners and existing investor Better capital.

The seed-funding round also saw participation from Goodwater Capital, GMO Fintech Fund, TRTL Ventures and angel investors that included Kunal Shah of Cred, Akshay Mehrotra and Ashish Goyal of Early Salary, and Kevin Moore.

The company will use the funds to increase average revenue per unit (ARPU), product development and expand its user base. “We are driven by our vision to democratise wealth creation while working on all the three pillars of a sustainable business--acquisition, retention and monetization--at the same time. All our initiatives have this as the underlying core,” said Manthan Shah, co-founder, Gullak.

Gullak users save small amounts regularly and then invest in digital gold. The platform also allows users to lease gold and