Bangalore, India-based fintech platform Multipl raised USD 3 million in its pre-Series A funding. The round took place on May 10, 2022. Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited led the funding for Multipl.
Purpose of Funding for Multipl
The fintech company plans to utilize the latest proceeds for widening investment options. Multipl wants to help Indians plan their expenses better.
Moreover, the startup plans to provide accessible finance for all their expenses, such as travel, gadgets, home renovation, insurance, children’s education, and vehicles.
In addition, the platform aims to attract the large millennials and Gen-Zers segment of the Indian population. Multipl wants to integrate savings, investing and spending for millennials and GenZers. It will use a 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. Within the first six months of opening its app access, the company has already crossed 1.5 lakh downloads.
What the founder has to say
“With investor support, we will expand our base five times and innovate faster to incorporate many more models that will help users gain superior returns 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 future expenses,” said Paddy Raghavan, Founder of Multipl.
What the investors have to say
“In a 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.
“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.
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