Fintech startup HappyCredit raises Rs 5 Cr in pre-seed round
- ByAyushi Ray | September 22, 2021
Fintech startup HappyCredit raises Rs 5 Cr in pre-seed round. The funding round saw participation from Kunal Shah (Founder and CEO, CRED), Krishna Kumar (Founder and CEO, Simplilearn), as well as US and Canada based investors like Goodwater Capital, Magic Fund, MyAsiaVC, Alex Lin (CEO, Outlier), Jeremy Cai (CEO, Italic), Chris Ye (CEO, Uken Games), Saad Siddiqui (CEO, Bonsai), Andrew Ladouceur (COO, Bonsai), Charlie Feng (Co-founder, Clearco), among others. The fresh funds will be used to launch new products, build talent and enhance the startup’s growth.
Founded by Jitendra Kumar and Ashish Virmani in October 2020, HappyCredit is a one-stop online shopping app that offers shoppers rewards, credit, and shopping inspiration. For making rewards on shopping delightful, the startup has launched its rewards product ‘Aishback’ in the market earlier this year. Aishback is a superior form of usual cashback rewards because it’s instant and can be transferred to the bank directly.
Jitendra Kumar, Co-founder, HappyCredit, said,
“The ecommerce market is dynamic and has been increasingly becoming the preferred mode of shopping amongst consumers across urban and rural India. We wanted to provide consumers with a one-stop shopping destination wherein they are rewarded for making a purchase. The new funding will help scale up our business and reach a bigger Bharat audience.” Currently, the HappyCredit app claims to have 50+ ecommerce merchant brands on its platform, such as Flipkart, Myntra, Ajio, Mamaearth, to name a few. The app has also received over 50,000 downloads on the Google Play store. The startup is planning to launch new credit products, scale the user base to 1.5 million in the next 12 months, and also expand its platform to offline retailers.
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