Multipl raises $3 million in a pre-series A funding led by Blume Ventures and others
- ByStartupStory | May 10, 2022
Fintech platform Multipl has raised $3 million in a funding round led by Blume Ventures, GrowX Ventures, IIFL and Kotak Securities Limited. The firm stated that it would utilise the funds to broaden the investment options and help Indians plan their expenses wisely. Paddy Raghavan, the founder of Multipl said that along with the support of investors, the company will focus on expanding its base five times and innovate faster to accommodate many more models that would help the users have superior returns personalised to their goals.
The company was launched in 2020 by Paddy Raghavan, Jags Raghavan and Vikas Jain. The company is devised to reward its users for saving for their future expenses. It also discourages its users to purchase goods on credit as it would strain their finances. By this time the company has crossed 1.5 lakh downloads in the first six months of opening its app access. “Plan now pay later”, a scheme in India is anticipated to have 500-600 million eCommerce users by the end of 2026. The company also plans to make all its finances accessible for their expenses including travel, gadgets, home renovation, and insurance among others.
Ashish Fafdia, the partner at Blume Ventures said that in a very short time interval, the founders of the company have done a credible job of building a new exciting model that would challenge the way Indians save and spend. This app is truly dedicated to Indians maintaining their financial and lifestyle aspirations in mind. Multipl has certainly introduced a new business model which is surely going to be adopted in other countries as well, he further added. The platform also aims towards capturing big millennials and GenZ segments which account for almost half the Indian crowd.
Manu Rikhye, partner at GrowX said that a huge population of Indians is moving towards aspirational spending like travel whereas everyone still has to pay for their necessity like insurance premiums. Thus, Multipl recognises this crisis very well and allows users to form goals for their aspirations as well as necessities. He further said that their primary goal is innovation and creating real financial value for their customers. It is also working towards simplifying finance for the huge majority of Indians who keep their savings in their bank accounts. Multipl also partners with top brands like Kalyan Jewellers, Croma, Yatra, Bounce and others to provide additional app rewards like cashback and coupons to its customers.
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