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Bengaluru-based startup HappyCredit, an fast cashback benefits application, on Tuesday introduced to have raised INR 5 crore in a pre-seed round to accelerate its development. The funding round observed participation from Kunal Shah (CRED), Krishna Kumar (Simplilearn) as perfectly as the US and Canada-centered buyers like Goodwater Cash, Magic Fund, MyAsiaVC, Alex Lin (Outlier), Jeremy Cai (Italic), Chris Ye (Uken Video games), Saad Siddiqui (Bonsai), Andrew Ladouceur (Bonsai), Charlie Feng (Clearco) amongst other individuals.
The fresh new resources will be applied to start new items, build expertise and enrich the company’s progress.
“The e-commerce market is dynamic and has been progressively becoming the chosen manner of browsing amongst customers across urban and rural India. We desired to provide buyers with a 1-cease browsing vacation spot whereby they are rewarded for making a order. The new funding will help scale up our small business and arrive at a more substantial Bharat audience,” said Jitendra Kumar, co-founder, HappyCredit.
Established by Jitendra Kumar and Ashish Virmani, HappyCredit is a a person-cease on-line buying app that delivers customers rewards, credit score, and shopping inspiration. With deep earlier encounter in the e-com category, the duo seen a very clear change in the place submit-pandemic. New Bharat shoppers buoyed by the UPI growth are wanting for nudges to adapt more quickly to on the internet purchasing in the form of savings, rewards, credit rating and much more. Out of these insights, HappyCredit was born in Oct 2020. For building rewards on shopping pleasant, HappyCredit has released its benefits item ‘Aishback’ in the industry earlier this calendar year. Aishback is a remarkable sort of regular cashback rewards due to the fact it can be prompt and can be transferred to the financial institution directly.
“Cashback and rewards are a substantial aspect of the e-commerce ecosystem, and with HappyCredit, we want to make the process a seamless affair. In the coming months, we are seeking at launching a checkout finance solution as well,” shared Ashish Virmani, co-founder, HappyCredit.
Presently, the HappyCredit app has in excess of 50 e-commerce merchant brand names on its system, these kinds of as Flipkart, Myntra, Ajio, Mama Earth, to name a few. The app has also gained over 50,000 downloads on the Google Play store.
“The Indian e-commerce field is poised for growth with robust young demography, increasing net and smartphone penetration. We are fired up about HappyCredit’s likely at the intersection of e-commerce, rewards and credit history, and the energy of the founding team,” extra Vivek Subramanian, husband or wife, Goodwater money.
The company is setting up to launch new credit history merchandise, scale the consumer base to 1.5 million in the subsequent 12 months and also grow its system to offline stores.