Multipl, a financial technology firm, has raised $3 million in a round led by Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited. According to the company, the funds will be used to broaden investment options and help Indians better plan their expenses.
With investor support, they will fivefold their base and innovate five times faster to incorporate many more models that will help users gain superior returns that are personalized to them and their goals. Their vision is for all Indians to adopt an efficient way of saving and spending, never leaving money on any of their future expenses, stated Paddy Raghavan, Founder of Multipl.
Paddy Raghavan, Jags Raghavan, and Vikas Jain launched Multipl in 2020 to reward customers for saving for future expenses by encouraging ethical and more considerate consumption. In fact, it discourages users from making credit-based purchases that can strain their finances.
According to the company, 1.5 lakh downloads have already occurred in the first six months of the app’s availability. By 2026, India’s “Plan Now, Pay Later” landscape is expected to have 500-600 million eCommerce users. Multipl intends to make available financing for all of their expenses, including travel, electronics, home renovation, insurance, children’s education, and vehicles, among others.
In a very short period of time, the founders have done an outstanding job of creating a new exciting model that challenges the way Indians save and spend. They have created an app that is truly for Indians, with their financial and lifestyle goals in mind. Multipl has introduced a new business model and a new category that will undoubtedly be adopted very quickly in other parts of the world, stated Ashish Fafadia, Partner at Blume Ventures.
The platform intends to target the large millennial and Gen-Zer segments, which account for roughly half of the Indian population. Multipl’s goal is to integrate savings, investing, and spending for millennials and GenZers, using their proprietary investment framework and brand partnerships to generate market returns and brand benefits to create a significant upside while meeting their lifestyle goals.
The vast majority of Indians are shifting toward aspirational spendings, such as travel, while everyone still needs to pay for necessities like insurance premiums. Multipl recognizes this need and allows users to set goals for both aspirations and necessities. Their focus is on innovation and creating real monetary value for consumers, stated Manu Rikhye, Partner at GrowX.
About Multipl
Multipl is a lifestyle investment management app that enables Indians in Generations X, Y, and Z to plan, save, invest, and spend in the most rewarding way to enjoy life debt-free.
For more information, visit https://multipl.xyz/
