Multipl raised $3 million in pre-Series for its Plan Now, Pay Later business.
Multipl’s investment, led by Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited, to help widen its reach in the financial market.
Bangalore, May 10: World’s first and largest “ Plan Now, Pay Later” FinTech, Multipl, has raised $3 million Pre-Series A led by Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited.
Multipl plans to utilize the funds to widen investment options and help Indians plan their expenses better.
In the era when digital payment apps are enticing users with “Buy Now, Pay Later” programs, Multipl is turning the script with its “Plan Now, Pay Later” promise.
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 platform aims to capture large millennials and Gen-Zers segment, that account for about half the Indian population.
Paddy Raghavan, founder of the Multipl said, ”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. 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.”
Multipl has already crossed 150K+ app downloads in the first six months of opening its app access on the Google Play Store and iOS Store.
“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.
Ashish Fafadia, Partner at Blume Ventures said, “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. We are incredibly excited to partner with them to support their next stages of growth.”
Multipl is aiming 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.
“We see enormous potential in this new space that Multipl is building. 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. When we see Multipl, we see disruption in the FinTech space.” 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, jackpots, and coupons.
With the goal of becoming India’s most customer-focused lifestyle investment app for financial services, Multipl will continue to add additional brands and services to its platforms this year.