Kotak Securities Limited (KSL) has announced an investment in fintech startup Multipl as part of the company’s $3 million Pre-Series A round of funding, along with other investors- Blume Ventures, GrowX Ventures, and IIFL. Founded by serial investors Jags Raghavan, Paddy Raghavan and Vikas Jain, Multipl encourages its users to save money for short term goals. The fintech is working on a ‘Plan Now Pay Smarter’ aka Save Now Buy Later for its users, said an official press release. Multipl works in contrast to BNPL – Buy Now Pay Later, and discourages its users to make credit purchases that can strain their finances.
Partnering with leading brands, the fintech startup has created a Brand Saver Plan where users can save more money on their future spending from these brands. Another model offered by the company is the Market Saver plan, where users can avail of dual benefits- returns from the market and exclusive discounts from the brands.
“Indians have traditionally been savers. Multipl, through its embedded shopping experience, has created an interesting category altogether to incentivize people to plan their spending in advance,” said Shripal Shah, President and COO, Kotak Securities commenting on the latest investment.
Multipl’s CEO & Co-founder Paddy Raghavan said that Kotak’s validation in form of the investment will help the platform in creating a new category that can positively impact the users in the way they save and spend. “Multipl is pioneering the idea of saving for a future expense in a way that is not only financially superior but is also exciting and rewarding,” he added.
Kotak Securities has recently been focusing on engagement with startups involved in innovation and product development for the financial sector.
Earlier, Kotak Securities had previously invested close to Rs 3 crore for a minority stake in fintech startup, Entroq Technologies as part of its Startup Engagement and Investments initiative. Entroq Technologies operates the brand FlipItNews and focuses on ‘reinventing; financial literacy in India by providing curated financial news in less than 50 words. Announcing the investment, KSL said that it was excited to partner with the vision of FlipItNews, especially at a time when simplification of the stock market has become paramount for retail investors in India.
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