Multipl raises $3 mn in pre-Series A funding to expand its Plan Now, Pay Later business

FinTech Multipl has announced it 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.

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. The platform aims to capture large millennials and Gen-Zers segment, that account for about half the Indian population.

Paddy Raghavan, Founder, 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.”

“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, it said in a statement.

Investors' take

Ashish Fafadia, Partner at Blume Ventures said, “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.”

“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.” said Manu Rikhye, Partner at GrowX.

Published on: Tuesday, May 10, 2022, 04:36 PM IST