Fintech startup Multipl has raised $1.5 million in a funding round led by Blume Ventures and MIXI Global Investments. The company plans to use these funds to enhance its platform and introduce new features.
Founded in 2020 by Padmanabhan Raghavan, Jagannathan Raghavan, and Vikas Jain, Multipl rewards users for investing in future expenses through partnerships with leading brands. The platform integrates with mutual funds, allowing consumers to invest for their lifestyle needs, and discourages purchases on credit, which can strain finances.
Multipl has already collaborated with over 70 brands across 15 diverse categories, including travel, electronics, shopping, insurance, and premium services. Some notable partners include Kalyan Jewellers, Yatra, Flipkart, Decathlon, Ather Energy, Livspace, Bluestone, Myntra, Acko, and Vedantu, according to a report by Economic Times.
Padmanabhan Raghavan, one of Multipl’s co-founders, emphasized the platform’s growing popularity, as he told ET, “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.”
Multipl has seen substantial interest from users in tier II and tier III cities. “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 Raghavan.