Money & Banking

Fintech company Multipl raises $3 million in Pre-Series A funding

BL Mumbai Bureau | | Updated on: May 10, 2022
Discourages users to make purchases on credit

Discourages users to make purchases on credit | Photo Credit: Mikko Lemola

Investment to help Multipl expand its Plan Now, Pay Later business

Fintech company Multipl, has raised $3 million Pre-Series A led by Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited.

The “Plan Now, Pay Later” fintech plans to utilise the funds to widen investment options.

Launched in 2020 by Paddy Raghavan, Jags Raghavan and Vikas Jain, Multipl rewards users for saving for future expenses by “encouraging ethical and more conscientious consumption,” the company said.

It discourages users to make purchases on credit that can strain their finances. The platform aims to capture a large share in millennials and Gen-Zers segment.

It is aiming to integrate savings, investing and spending for millennials and Gen-Zers, using their proprietary investment framework and brand partnerships to generate returns from the market and benefits from brands to create a significant upside while reaching their lifestyle goals.

Paddy Raghavan, founder of the Multipl said, ”With investors support, we will expand our base five times and innovate faster to incorporate many more models that will help users gain superior returns which are personalised to them and their goals. Our vision is that all Indians adopt the efficient way of saving and spending and never leave money behind on any of their future expenses.”

Good reception

Multipl has crossed over 1,50,000 app downloads in the first six months of opening its app access on the Google Play Store and iOS Store.

The company plans to provide accessible finance for expenses including travel, gadgets, home renovation, insurance, children’s education, and vehicles amongst others.

Ashish Fafadia, Partner at Blume Ventures said, “In a very short span of time, the founders have done a phenomenal job of building a new exciting model that challenges the way Indians save and spend. Multipl has introduced a new business model and a new category that is definitely going to be adopted in other parts of the world very rapidly. We are incredibly excited to partner with them to support their next stages of growth.”

“We see enormous potential in this new space that Multipl is building. A vast majority of Indians are moving towards aspirational spending such as travel, while everyone still needs to pay for their essentials such as insurance premiums. Multipl identifies this need very well and allows users to create goals for aspirations as well as essentials. Their focus is on innovation and on creating real monetary value for consumers,” said Manu Rikhye, Partner at GrowX.

It also offers exclusive benefits such as cashbacks and coupons to users through pratnerships with brands in India such as Croma, Kalyan Jewellers, Yatra, PickYourTrail, Ather Energy, Livespace, Bounce, Home Capital, Garmin, Turtlemint, among others.

The company will continue to add additional brands and services to its platforms this year, it said.

Published on May 10, 2022
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