Gullak Technologies Pvt Ltd, which runs fintech startup Hubble, on Thursday said it has secured seed funding of $3.4 million (around Rs 26 crore) in a round led by Sequoia Capital India.
The fundraise also saw participation from angel investors including Kunal Bahl (Co-Founder and Chief Executive Officer, Snapdeal) and Sateesh Andra (Managing Director, Endiya Partners), among others.
Hubble plans to use the fresh money towards building a robust decentralised savings infrastructure to power its consumer-facing applications, onboarding leading Indian and global brands onto its platform and hiring talent.
“More than 95% of Indians count on their savings to fulfill their goals but the savings options are limited and come with their own set of challenges. Bank deposits give you a return that is less than the inflation rate, and mutual funds returns are not predictable. At Hubble, we offer consumers the choice to save money with trusted brands while ensuring rewarding, predictable, and safe returns,” said Mayank Bishnoi, Co-Founder, Hubble.
Launched in 2021 by Bishnoi and Neeraj Tulsyan, Hubble offers rewarding saving plans with leading lifestyle brands through its mobile app.
The platform also helps brands acquire new customers, drive repeat purchase rates and reduce working capital requirements through advance payments received from customers.
Hubble has launched the beta version of its mobile application on android and iOS and it has partnered with over 25 brands.
The platform claims that it helps consumers earn 5X higher returns, compared to traditional saving products such as fixed deposits and mutual funds.
"In the upcoming months, we will invest in building systems leveraging modern technologies and frameworks like UPI, open banking, account aggregator, etc., and we are excited to have a highly motivated and skilled team join us in our mission," said Tulsyan.