Multipl has signed up more than 600,000 users, partnered with dozens of consumer brands, and raised somewhere between $4.44 million and $5.77 million (roughly ₹43–55 crore) from Blume Ventures, MIXI Global Investments and others. Yet the company that wants to rewire how Indians pay for their next holiday or phone booked operating revenue of just ₹77.4 lakh in the year to 31 March 2024, per Tracxn’s reading of its Ministry of Corporate Affairs filing.
The Bengaluru startup’s bet is contrarian in a market addicted to credit. While Buy Now Pay Later lenders raced to put purchases on tab, Multipl built the mirror image: Save Now Buy Later. Set a goal, invest small amounts into mutual-fund baskets, and redeem at maturity with a brand discount stacked on top of any market return. It is a simple idea with an unproven business model, and the gap between its user count and its revenue is the story of this deep dive.
Quick facts
| Company | Multipl Fintech Solutions Private Limited (CIN U72900KA2020PTC138526) |
| Founded | Incorporated 12 September 2020, Bengaluru, Karnataka |
| Founder(s) | Paddy Raghavan (CEO), Jags Raghavan, Vikas Jain |
| Businesses | SEBI-registered investment advisory; “spendvesting” / Save Now Buy Later goal-investing app |
| Latest FY revenue | ₹77.4 lakh (FY24, year to 31 March 2024), per Tracxn / MCA |
| Latest FY profit/loss | Not disclosed in free public filings (P&L behind paywalls; not reproduced here) |
| Listed | Private |
| Last valuation | Not publicly disclosed |
| Key backers / CEO | Paddy Raghavan (CEO); backers include Blume Ventures, MIXI Global Investments, GrowX Ventures, IIFL, Kotak Securities |
What they do
Multipl sells a way to fund a specific future purchase without borrowing for it. A user picks a goal — a trip, a gadget, a wedding expense, an insurance premium, a course fee — and the app invests recurring contributions into mutual-fund baskets matched to that goal’s timeframe. When the goal matures, the user redeems and, if they buy through a partner brand, receives an added discount or reward on top of whatever the market has returned.
- Core product: a consumer app for iOS and Android built around goal-based mutual-fund investing, marketed as “spendvesting” and “Save Now Buy Later” (SNBL).
- Who it is for: millennial and Gen Z savers who would otherwise use a savings account (stated deposit rates of about 2–3% in company materials, June 2025) or reach for credit/BNPL.
- Regulatory posture: the platform is a SEBI-registered investment adviser, a status it repeats across its press materials (2024–2025).
- Named brand partners over time include Croma, MakeMyTrip, Yatra, PickYourTrail, Kalyan Jewellers, Ather Energy, Urban Ladder, Edureka, LivSpace and Garmin (per Blume Ventures and BusinessToday, 2022–2024).
The origin
Multipl is the second act for its core founders. Paddy Raghavan and Jags Raghavan previously built cmpute.io, a cloud cost-optimisation startup that was acquired by Cisco; the pair then spent about a year inside Cisco before starting again. Paddy is an alumnus of IIIT-Bangalore. Vikas Jain joined as the third co-founder when the company was incorporated on 12 September 2020.
The founding insight came from watching two Indian habits collide. On one side, a cultural preference for saving before spending — Blume Ventures cited EY research that a large majority of Indians were saving more than before. On the other, a financial system pushing structured credit at consumers for aspirational purchases. Multipl’s wager was that if you could make disciplined saving feel as easy and rewarding as swiping a card — goal-based, automated, and sweetened with a brand discount at the finish line — households would choose to save toward a purchase rather than borrow against it. Blume’s own note framed the informal version of this behaviour as money “stored in the grain box,” unstructured and earning nothing, and positioned Multipl as the formal, returns-bearing replacement.
The struggle years
Multipl launched into one of the harder stretches for Indian consumer fintech, and its public record shows the strain of building a brand-new category rather than riding an existing one.
- A category nobody was asking for. BNPL had a ready analogue in credit cards; SNBL had none. Multipl had to teach users to delay a purchase and invest toward it, a behavioural ask that is far harder than offering instant credit. Its early positioning cycled through labels — “Plan Now Pay Later” (2022), “spendvesting,” “Save Now Buy Later” — a sign of a company still searching for language customers would grasp.
- Revenue that never matched the noise. Despite crossing 150,000 downloads within roughly six months of launch (BusinessToday, May 2022) and later 500,000+ (July 2024), the company’s MCA-filed operating revenue stayed under ₹1 crore in FY23 and was ₹77.4 lakh in FY24. Downloads scaled; monetisation did not keep pace.
- A pivot in distribution. By 2025 Multipl had shifted from a purely direct-to-consumer app story toward a B2B2C model, taking spendvesting to mutual-fund distributors through a partnership announced in June 2025 — an implicit acknowledgement that consumer acquisition alone was not enough to build scale.
The turning point
The clearest inflection is the June 2025 partnership with FundsIndia Partners, which reframed what Multipl is trying to be. Until then the company was a consumer app fighting for downloads: about 500,000 by July 2024, roughly 100 brand partners, and cumulative goals it valued at over ₹1,000 crore. The strategy was to own the customer directly — Blume’s investment thesis had rested on Multipl “owning the customer and the customer experience.”
The FundsIndia deal inverted that. Instead of only selling to end users, Multipl began packaging spendvesting as a toolkit for mutual-fund distributors (MFDs), so that India’s large network of independent advisers could offer goal-based, short-term investing under their own ARN codes and grow their SIP books. By the time of the announcement the platform reported over 600,000 users and 70-plus brand partners. The number that matters is not any single metric on either side but the change in go-to-market: from a founder-led consumer funnel to a distribution partnership that could put the product in front of far more savers without Multipl paying for each install.
The money behind it
Multipl has raised modestly and kept a tight cap table for a company of its age. Reported totals differ by source, and the round labels themselves have shifted over time.
- First institutional cheque: an angel/seed round dated to 31 December 2020 (per Tracxn), the year of incorporation.
- Pre-Series A — $3 million, May 2022: led with participation from Blume Ventures, GrowX Ventures, IIFL and Kotak Securities (BusinessToday, Inc42). Paddy Raghavan said at the time the company would “expand our base five times and innovate faster.”
- Extended seed — $1.5 million (about ₹12 crore), 17 July 2024: co-led by Blume Ventures and MIXI Global Investments (Entrackr, Inc42).
- Total raised: reported between $4.44 million (Crunchbase, two rounds) and $5.77 million across seven rounds from 57 investors (Tracxn). Where sources conflict, treat the higher figure as the widest count of small cheques.
- Valuation: not publicly disclosed at any round.
What each backer changed is instructive. Blume Ventures anchored both priced rounds and supplied the category conviction. MIXI Global Investments, the overseas arm of a Japanese internet and entertainment group, brought a consumer-engagement lens to the 2024 round. GrowX, IIFL and Kotak Securities added financial-services credibility to a company selling regulated advisory.
How it makes money
Multipl sits between two revenue pools — the mutual-fund ecosystem and consumer brands — and the part people get wrong is assuming it earns like a lender. It does not lend; it advises and refers.
- Money in, source one — advisory: as a SEBI-registered investment adviser routing users into mutual-fund baskets, the company’s economics are tied to advisory and distribution of investment products rather than interest income.
- Money in, source two — brand commerce: partner brands fund the discounts, jackpots and cashback offered at goal maturity, and Multipl is positioned to earn from directing high-intent, ready-to-spend buyers to those brands — a referral/commission-style pool distinct from advisory.
- The new channel — MFD distribution (June 2025): via FundsIndia Partners, distributors run goal-based SIPs under their own ARN, which extends Multipl’s reach through third parties rather than its own ad spend.
- Where the margin sits: the value Multipl claims for partners is data — Blume argued it “owns the customer and the customer experience throughout the fulfillment process,” giving brands consumer-behaviour insight that card transactions do not.
- The part people get wrong: published take rates and per-goal unit economics are not disclosed, so the blended margin across advisory plus brand commerce remains unverified from public sources.
The numbers
Multipl’s public financials are thin and, on the profit-and-loss line, largely paywalled. Only revenue is verifiable from free MCA summaries, and even that carries the “under ₹1 crore” banding that small companies attract. The table below reports only what independent databases show; figures for FY22 and FY25, and the full profit/loss statement, are not available in free filings and are deliberately not estimated here.
| Fiscal year (to 31 March) | Operating revenue | Profit / loss |
| FY23 | Under ₹1 crore (Tofler) | Not disclosed in free filings |
| FY24 | ₹77.4 lakh (Tracxn / TheCompanyCheck) | Not disclosed in free filings |
Two structural facts frame those figures. Paid-up capital stood at ₹1.59 crore against authorised capital of ₹2.5 crore (Tofler), and Tracxn listed headcount at about 34 as of April 2026. A company with fewer than three dozen staff and sub-₹1 crore revenue, holding several million dollars of investor cash, is still firmly in the build phase — the revenue line has not yet caught the user line.
Where the money comes from
Because Multipl does not break out revenue by segment in public filings, the honest split is directional: two engines, one channel shift, and a concentration toward its founding city and demographic.
- By engine: investment advisory/distribution on one side, brand-partnership commerce on the other. Neither is separately quantified in public disclosures.
- By channel: historically direct-to-consumer app installs (150,000+ within about six months of 2022 launch; 500,000+ by July 2024; 600,000+ by June 2025), now increasingly through MFD distribution after the FundsIndia tie-up.
- By category of goal: partner brands cluster in travel (MakeMyTrip, Yatra, PickYourTrail), electronics and gadgets (Croma, Garmin), mobility (Ather Energy), home (Urban Ladder, LivSpace), jewellery (Kalyan Jewellers) and education (Edureka).
- The surprise: the metric Multipl leads with is not revenue but cumulative goal value — over ₹1,000 crore of goals facilitated (July 2024). That is intent parked on the platform, not income earned, and the distance between the two is the central question for the business.
The risks
- Monetisation is unproven. FY24 operating revenue of ₹77.4 lakh against millions of dollars raised and 600,000+ users means the platform has scaled attention faster than it has scaled income. If advisory fees and brand commissions stay thin, the company burns runway while it searches for a durable take rate.
- Behavioural friction is the product’s core. SNBL asks users to postpone gratification and accept market risk on short-term money — the opposite of BNPL’s instant purchase. Category education is expensive and slow, and every rebrand (“Plan Now Pay Later” to “spendvesting” to “Save Now Buy Later”) is a reminder that the pitch is still being tuned.
- Regulatory and market dependence. As a SEBI-registered investment adviser, Multipl operates under advisory rules on fees and conduct, and its returns story rides on mutual-fund market performance it does not control. Short-horizon goals exposed to market swings can disappoint users at exactly the moment they need to spend.
- Channel and partner concentration. The 2025 growth plan leans heavily on the FundsIndia MFD channel and on a roster of brand partners for the discount economics; losing either weakens both the acquisition funnel and the value proposition.
The takeaway
Multipl is a clean case study in the difference between adoption and revenue. It built a genuinely original category, attracted respected backers, and put more than 600,000 users and over ₹1,000 crore of goals onto its platform — all while booking under ₹1 crore of revenue. The transferable lesson is that owning a novel behaviour is necessary but not sufficient: until a startup can name its take rate and show that engaged users convert into paid economics, download counts and goal values are promises, not proof. The FundsIndia pivot suggests the founders know this, and are trading some direct-to-consumer control for the distribution that might finally close the gap between what users intend and what the company earns.
Frequently asked questions
What is Multipl and what is “spendvesting”?
Multipl Fintech Solutions Private Limited is a Bengaluru company, incorporated in September 2020, that runs a goal-based investing app. “Spendvesting,” or Save Now Buy Later, lets users invest recurring amounts into mutual-fund baskets tied to a future purchase and redeem at maturity, often with an added brand discount. It is a SEBI-registered investment adviser.
Who founded Multipl?
It was co-founded in 2020 by Paddy Raghavan (CEO), Jags Raghavan and Vikas Jain. Paddy and Jags had earlier built the cloud cost-optimisation startup cmpute.io, which was acquired by Cisco.
How much has Multipl raised and from whom?
Reported totals range from $4.44 million (Crunchbase) to $5.77 million (Tracxn). Key rounds include a $3 million pre-Series A in May 2022 (Blume Ventures, GrowX Ventures, IIFL, Kotak Securities) and a $1.5 million extended seed in July 2024 (Blume Ventures, MIXI Global Investments). No valuation has been disclosed.
How much revenue does Multipl make?
Public MCA-based databases show operating revenue under ₹1 crore in FY23 and ₹77.4 lakh in FY24 (year to 31 March 2024). Full profit-and-loss figures are not available in free filings, so they are not stated here.
Is Multipl profitable?
Its profit or loss is not disclosed in the free public record, and this article does not estimate it. Given sub-₹1 crore revenue, a team of about 34, and several million dollars raised, the company is best read as still in an investment-led build phase.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Tracxn — Multipl and Multipl Fintech Solutions Private Limited company/legal-entity profiles (accessed September 2026)
- TheCompanyCheck — Multipl Fintech Solutions Private Limited profile (FY24 revenue; accessed September 2026)
- Tofler — Multipl Fintech Solutions Private Limited financials (FY23 revenue banding, capital; accessed September 2026)
- ZaubaCorp — Multipl Fintech Solutions Private Limited (CIN, incorporation, directors; accessed September 2026)
- BusinessToday — “Fintech platform Multipl raises $3 million in pre series A funding” (May 2022)
- Inc42 — Multipl company profile and Blume/MIXI funding coverage (2022–2024)
- Entrackr — “Fintech startup Multipl raises $1.5 Mn” (July 2024)
- Blume Ventures — “Why We Invested In Multipl” commentary (thesis, brand partners)
- YourStory / IIIT-Bangalore — founder background (cmpute.io, Cisco acquisition) (2022)
- The Week / Business Standard / Sahyadri Startups — Multipl–FundsIndia spendvesting partnership (June 2025)
- Crunchbase — Multipl funding total and rounds (accessed September 2026)
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