Fintech start-up Multipl, which offers a ‘Plan Now, Pay Later’ platform, has raised $3 million Pre-Series A funding led by Blume Ventures, GrowX Ventures, IIFL and Kotak Securities.
The Bengaluru-based start-up plans to use the funds to expand the investment options available on its platform and help individuals plan their expenses better.
Launched in 2020 by Paddy Raghavan, Jags Raghavan and Vikas Jain, the start-up rewards users for saving for future expenses. Incidentally, the platform discourages users from making purchases on credit that could strain their finances.
Multipl is aiming to integrate savings, investing and spending for millennials and Gen Z users through its proprietary investment framework and brand partnerships to generate returns from the market and benefits from brands.
It has already partnered with brands like Croma, Kalyan Jewellers, Yatra, PickYourTrail, Ather Energy, Bounce, Home Capital and Garmin, among others and offers exclusive benefits to its users in addition to app rewards such as cashback, jackpots, and coupons. Further, it plans to continue to add additional brands and services to its platforms this year.
It aims to provide accessible finance – while targeting Indians who keep their savings in their bank accounts - for various requirements including travel, gadgets, home renovation, insurance, children’s education and vehicles among other things.
The start-up has already crossed 150K+ app downloads in the first six months of opening its app access on the Google Play Store and iOS Store.
“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 personalized to them and their goals,” said Raghavan.
“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,” he added.
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