Multipl rewards its users for saving for future expenses by encouraging conscientious consumption and discourages users from making purchases on credit that can strain their finances. The company was founded by Paddy Raghavan, Jags Raghavan and Vikas Jain in 2020. Multipl said it aims to capture large millennials and Gen-Zers segment, that account for about half the Indian population.
The Bengaluru-based company said it plans to utilize the funds to widen investment options and help Indians plan their expenses better. “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," said Paddy Raghavan, founder, Multipl.
The company claims to have clocked over 150,000 app downloads in the first six months of opening its app access on the Google Play Store and iOS Store.
“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, GrowX.
The company said it aims to integrate savings, investing and spending for youngsters using their proprietary investment framework and brand partnerships to generate returns from the market and benefits from brands to create a significant upside while enabling them to reach their lifestyle goals. It has partnerships with brands including Croma, Kalyan Jewellers, Yatra, PickYourTrail, Ather Energy, Livespace, Bounce, Home Capital, Garmin, Turtlemint, among others.
“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," said Ashish Fafadia, Partner, Blume Ventures.
