The round also saw participation from Kunal Bahl, Co-founder and Chief Executive Officer, of Snapdeal, and Sateesh Andra Managing Director of Endiya Partners, among others.
The startup plans to use the funds to recruit talent as well as build a robust decentralized savings infrastructure to power its consumer-facing applications and include leading Indian and global brands on its platform.
Founded in 2022 by Mayank Bishnoi and Neeraj Tulsyan, It offers rewarding savings plans with leading lifestyle brands through its mobile app.
Hubble helps brands acquire new customers, increase repeat purchase rates, and reduce working capital requirements through advance payments received from customers.
“More than 95% of Indians count on their savings to fulfill their goals but the savings options are limited and come with their own set of challenges. Bank deposits give you a return that is less than the inflation rate, and mutual funds returns are not predictable. At Hubble, we offer consumers the choice to save money with trusted brands while ensuring rewarding, predictable, and safe returns”, said, Mayank Bishnoi, Co-Founder, Hubble.
“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, Neeraj Tulsyan, Co-founder, Hubble.
The company aims to enable and support millions of Indian consumers to make their lifestyle goals more affordable. With this startup, consumers can start their rewarding savings journey by subscribing to savings plans with a monthly payment of Rs.500. In return, the brands reward them with 5X higher return on their money as compared to banks and mutual funds.
Recently, the fintech startup launched a beta version of its mobile application on Android and iOS and has partnered with over 25 brands.
About Hubble :
It all started with a question: “Why isn’t saving for a purchase a rewarding experience?” they see people who have access to credit cards get showered with reward points, cash backs, and discounts at big brand stores. At the same time, the majority of Indians who save their hard-earned money to experience the thrill of new aspirations (and experiences) are not rewarded for their discipline. This seemed not right. In fact, they took it personally. They started Hubble to solve for India and Indians.
Whether they are saving for a trip to the Maldives, the latest iPhone (smartphone from your favorite brand), or that new motorbike we see every day on the way to work – they want you to be rewarded generously for saving towards that goal. That’s why they have partnered with the biggest brands to bring us the most generous rewards for saving smartly towards our goal.