Bengaluru-based startup HappyCredit — an instant cashback rewards application — on September 22 announced that it has raised Rs 5 crores in a pre-seed round to accelerate its growth. The fresh funds will be used to launch new products, build talent and enhance the company’s growth, the firm said.
HappyCredit — founded by Jitendra Kumar and Ashish Virmani — is an online shopping app that offers shoppers rewards, credit, and shopping inspiration.
Earlier, HappyCredit launched its rewards product ‘Aishback’, which is a superior form of usual cashback rewards because it’s instant and can be transferred to the bank directly.
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“The e-commerce market is dynamic and has been increasingly becoming the preferred mode of shopping amongst consumers across urban and rural India. We wanted to provide consumers with a one-stop shopping destination wherein they are rewarded for making a purchase. The new funding will help scale up our business and reach a bigger Bharat audience,” HappyCredit co founder Jitendra Kumar said.
The funding round saw participation from Kunal Shah (CEO, CRED), Krishna Kumar (CEO, Simplilearn) as well as US and Canada based investors like Goodwater Capital, Magic Fund, MyAsiaVC, Alex Lin (CEO, Outlier), Jeremy Cai (CEO, Italic), Chris Ye (CEO, Uken Games), Saad Siddiqui (CEO, Bonsai), Andrew Ladouceur (COO, Bonsai), Charlie Feng (Co-founder, Clearco) amongst others.
“The Indian e-commerce industry is poised for growth with strong young demography, increasing internet and smartphone penetration. We are excited about HappyCredit’s potential at the intersection of e-commerce, rewards and credit, and the strength of the founding team,” Goodwater capital’s partner Vivek Subramanian said.
Currently, the HappyCredit app has 50+ e-commerce merchant brands on its platform, such as Flipkart, Myntra, Ajio, Mama Earth, among others. The firm is mulling to launch new credit products and scale the user base to 1.5 million in the next 12 months.Internet Explorer Channel Network