Fintech Startup Multipl Bags $3 Mn To Help People Invest & Plan Their Expenses Better

Fintech startup Multipl has secured $3 Mn in a Pre-Series A funding round led by Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited.

The fresh capital will be used to increase investment options on the platform and help users plan their expenses better, it said.

Founded in 2020 by Paddy Raghavan, Jags Raghavan and Vikas Jain, Multipl, through its app, helps users manage their money as well as save for future expenses. It has two models – Brand Saver and Market Saver. In the Brand Saver model, the startup partners with other brands and helps users save with those brands for future spending. In the Market Saver model, it helps users invest in mutual funds.

Multipl has partnered with several brands in India such as Croma, Kalyan Jewellers, Yatra, PickYourTrail, Ather Energy, Livespace, Bounce, Home Capital, Garmin, Turtlemint, among others. It claims to have crossed 150K app downloads on the Google Play Store and iOS Store.

Multipl aims to bring new brands on board and offer additional services on its platform this year. It is also looking to offer finance for all types of expenses such as travel, gadgets, home renovation, insurance, children’s education, and vehicles. 

As per its website, it is a SEBI-registered investment advisory. 

Growing Investment In Tech Sector 

As of December 2020, India had over 400 investment tech startups. Additionally, according to data from Inc42 plus, Indian investment tech startups raised $379.2 Mn between 2015 and 2020. The sector is further expected to grow at a CAGR of 22.4% in the next four years.

The sector had also seen a slew of investment announcements recently. In January this year, Satya Nadella, the chief executive officer of Microsoft, joined Bengaluru-based wealth management startup Groww as an investor and advisor. 

In September last year, savings and investment platform Jar raised a funding of $4.5 Mn as part of its Pre-Series A round led by Tribe Capital, Arkam Ventures and WEH Ventures. 

The round also saw participation from angel investors, including CRED founder Kunal Shah, Twitch senior director of product for gaming and emerging markets, Shaan Puri, former Uber CPO Manik Gupta and Streamlabs founder Ali Moiz.