Multipl, a Fintech platform has raised $3 million in a funding round from Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited.
The company plans to use the funds to expand investment options and help Indians plan their expenses better.
Founded in 2020 by Paddy Raghavan, Jags Raghavan and Vikas Jain, The company rewards users for saving for future expenses by encouraging ethical and more conscientious consumption. Basically, it discourages users to make purchases on credit which may affect their finances.
“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 of Multipl.
The company claims to have already crossed 1.5 lakh downloads in the first six months of opening the app.
The fintech platform plans to provide accessible finance for all expenses including travel, gadgets, home renovation, insurance, children’s education and vehicles.
“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.
Multipl aims to capture the larger Millennials and Gen-zers segment, which accounts for almost half of the Indian population.
The platform seeks to integrate saving, investing and spending for Millennials and Gengers, using its proprietary investment framework and brand partnerships to generate returns from the market and leverage brands to reach 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.
It is working to make finance easier for the majority of Indians who keep their savings in their bank accounts.
In addition, through partnerships with top brands in India like Croma, Kalyan Jewellers, Yatra, PickYourTrail, Ather Energy, Livespace, Bounce, Home Capital, Garmin, Turtlemint and etc, the company offers exclusive benefits to its users apart from in-app rewards like cashback and coupons.
The Multipl app helps users plan for these spends, save consistently, multiply their savings with personalized auto-investments, and spend with the best brand benefits. Why keep money in low-interest-generating instruments such as bank accounts and FDs, and why pay for a lifestyle with debt-creating options such as BNPL, EMI and credit? Upgrade to the smartest way to plan & pay for lifestyle – with 5X more savings!
Today, the credit-driven consumption model, that allows people to buy things mindlessly, is putting the young and aspirational Indians into a tight corner and possibly into a debt trap. The products that talk about savings are just too boring and not generating sufficient interest (rightly so!).