Fintech startup Multipl raises $3 million in funding led by Blume Ventures, GrowX, others
The company said it plans to utilize the funds to widen investment options and help Indians plan their expenses better.
“With investor's 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 personalized 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," said Paddy Raghavan, founder, Multipl.
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. In fact, it discourages users to make purchases on credit that can strain their finances.
The company said has already crossed 1.5 lakh downloads in the first six months of opening its app access. The “Plan Now, Pay Later” landscape in India is expected to have 500-600 million eCommerce users by 2026. Multipl plans to provide accessible finance for all their expenses including travel, gadgets, home renovation, insurance, children’s education, and vehicles amongst others.
“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. They have built an app that is truly for Indians - keeping their financial and lifestyle aspirations in mind. 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," said Ashish Fafadia, partner at Blume Ventures.
The platform aims to capture the large millennials and Gen-Zers segment, that account for about half the Indian population. Multipl wants to integrate savings, investing and spending for millennials and GenZers, 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.
“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.
Multipl is working to simplify finance for the vast majority of Indians who keep their savings in their bank accounts. The availability of accessible financing is leading to impulsive spending and debts. Additionally, through partnerships with top brands in India such as Croma, Kalyan Jewellers, Yatra, PickYourTrail, Ather Energy, Livespace, Bounce, Home Capital, Garmin, Turtlemint, among others, Multipl offers exclusive benefits to its users in addition to app rewards such as cashback and coupons.