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HappyCredit raises Rs 5 Cr in pre-seed round

happycredit funding

HappyCredit, a fintech startup, announced that it has raised Rs 5 crore in a pre-seed round to boost its growth.

Kunal Shah (Founder and CEO, CRED ), Krishna Kumar (Founder and 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), among others participated in the round.

The Bengaluru-based startup plans to use the freshly raised funds to roll out new products, strengthen talent and improve its growth. 

Established by Jitendra Kumar and Ashish Virmani in October 2020, HappyCredit is a one-stop online shopping app that provides shoppers with rewards, credit, and shopping inspiration. For making rewards on shopping delightful, the startup has rolled out its rewards product ‘Aishback’ in the market earlier this year which is a superior class of conventional cashback rewards because it’s instant and can be transferred to the bank directly. 

Jitendra Kumar, Co-founder, HappyCredit, said, “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.” 

Ashish Virmani, Co-founder, HappyCredit added, “Cashback and rewards are a significant part of the e-commerce ecosystem, and with HappyCredit, we want to make the process a seamless affair. In the coming months, we are looking at launching a checkout finance product as well.”

At present, the HappyCredit app claims to have more than 50 e-commerce merchant brands on its platform, like Flipkart, Myntra, Ajio, Mamaearth, etc. The app also has over 50,000 downloads on the Google Play store.

Commenting on the investment, Vivek Subramanian, Partner, Goodwater Capital said, “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.”

HappyCredit seems to have established a strong foothold in the fintech space with its unique offerings. I’m sure the company will reach new heights of success in the coming time. My best wishes to the team of HappyCredit.

Shishir Gupta, Founder and CEO, StartupLanes

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