Blume Ventures and MIXI Global Investments, two early-stage venture capital firms, led a $1.5 million fundraising round for the fintech startup Multipl.
Established in 2020 by Paddy, Jags, and Vikas Raghavan, the platform incentivizes users to save for future costs by collaborating with top companies.
Customers can invest in mutual funds for their lifestyle expenses thanks to Multipl’s agreements with numerous companies and integration with mutual funds. Users are discouraged from using credit to make purchases, which may put a strain on their budget.
“The funding is going to help us in terms of evolving the product, making it much more robust in terms of features and making it more relevant to a larger group of users,” Paddy told in an interaction.
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In fifteen broad categories—travel, electronics, shopping, insurance, and premium services it has worked with more than seventy brands. Among these brands are Vedantu, Bluestone, Myntra, Acko, Ather Energy, Livspace, Flipkart, Yatra, Ather Jewellers, and Bluestone.
“There is a good amount of interest from tier II and tier III cities when it comes to investing because they are also aspirational. They want to travel, they want to buy gadgets, whether it’s an iPhone or other premium phones,” said Paddy, highlighting that the majority of users come from Tier I cities.
Multipl plans to treble its download volume in the upcoming year, having already exceeded 500,000 downloads to this point.
In an investment round headed by Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities Limited, it last raised $3 million in May 2022.
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Business-to-business (B2B) fintech firm Vegapay raised $5.5 million in an equity investment round headed by Elevation Capital, with participation from current investor Eximius Ventures.
About Multipl
Multipl aims to enable every Indian’s desire to improve their standard of living through wiser spending choices. They also think that a small, virtuous habit is the first step in it all.
