Hubble, a fintech company working on creating a decentralised savings platform announced raising $3.4 million in a seed round led by Sequoia Capital India.
Angel investors like Kunal Bahl and Sateesh Andra, among others also participated in the round.
The company will deploy the funding towards building a robust decentralised savings infrastructure to power its consumer-facing applications, onboarding leading Indian and global brands onto its platform, and hiring talent.
Neeraj Tulsyan and Mayank Bishnoi, both IIT and ISB graduates, started Hubble. They have held leadership positions in companies like Cleartax, Ola, Mastercard, and McKinsey.
Hubble aims to enable and support Indian consumers in making their lifestyle goals more affordable.
“Brands are able to provide this as they get consumers during the planning stage, and also receive an advance payment that reduces working capital,” the company said.
Consumers can subscribe to saving plans with a monthly payment of as low as ₹500. Brands, in turn, reward them with five times higher returns than banks and mutual funds.
Within weeks of the launch, it has a waitlist of over two lakh users and has currently partnered with over 25 brands. Most of these users are millennials and Gen Z.
It has launched the beta version of its mobile application on android and iOS. Users can download the app from the Play Store and App Store.
“More than 95 per cent of Indians count on their savings to fulfill their goals, but the savings options are limited and come with their own set of challenges. At Hubble, we offer consumers the choice to save money with trusted brands while ensuring predictable, and safe returns,” said Mayank Bishnoi, Co-founder, Hubble.
Neeraj Tulsyan, Co-founder, Hubble said, “This innovation is a game-changer not just for consumers, but also for lifestyle brands as they can reduce their working capital requirement by engaging directly with consumers, and make their products more accessible to a broader consumer base.”
“We are humbled by the confidence placed in us by our investors, and we are thrilled to build a global company in India. In the upcoming months, we will invest in building systems leveraging modern technologies and frameworks like UPI, open banking, account aggregator, etc., and we are excited to have a highly motivated and skilled team join us in our mission,” said Tulsyan.