Kotak Securities announces investment in fintech startup Multipl

Multipl, through its embedded shopping experience, has created an interesting category all together to incentivize people to plan their spending in advance, Shripal Shah, President and COO, Kotak Securities said.Paddy Raghavan, the companys Co-Founder and CEO said 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.It is a great validation for us to have the backing of Kotak, one of the most trusted brands in India when it comes to finance.


PTI | New Delhi | Updated: 12-05-2022 16:57 IST | Created: 12-05-2022 16:57 IST
Kotak Securities announces investment in fintech startup Multipl
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Kotak Securities Limited (KSL) on Thursday announced its investment in a fintech startup Multipl as part of the USD 3 million (about Rs 23 crore) pre-Series A round along with other investors.

Multipl is a platform that encourages people to save money for short term goals. The fintech firm is creating a new exciting category all together – ''Plan Now Pay Smarter'' also known as ''Save Now Buy Later'' for its users, according to a statement.

Founded by serial entrepreneurs, Multipl has developed and launched an app that works in contrast to BNPL -- Buy Now Pay Later.

Multipl has created a Brand Saver plan, where the company has partnered with leading brands and its users can save more money with these brands for future spending. Another model also offered by the app is the Market Saver plan, where users can avail dual benefits -- returns from the market and exclusive discounts from the brands too.

''Indians have traditionally been savers. Multipl, through its embedded shopping experience, has created an interesting category all together to incentivize people to plan their spending in advance,'' Shripal Shah, President and COO, Kotak Securities said.

Paddy Raghavan, the company's Co-Founder and CEO said 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.

''It is a great validation for us to have the backing of Kotak, one of the most trusted brands in India when it comes to finance. With this support, we are poised to create a new category that is going to positively impact Indians in the way they save and spend,'' Paddy added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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