Hubble Raises USD 3.4 Million in Seed Funding led by Sequoia Capital India and Top Angel Investors to Reimagine the Way India Saves
BANGALORE, 14th April 2022 – Hubble, a fintech company working on creating a decentralized savings platform, announced today that they have raised USD 3.4 million in a seed round led by Sequoia Capital India, with participation from top angel investors like Kunal Bahl and Sateesh Andra, among others. The funding will be deployed towards building a robust decentralized savings infrastructure to power its consumer-facing applications, onboarding leading Indian and global brands onto its platform, and hiring top-notch talent.
In India, bank deposits are still the most popular savings option with $1.5 trillion parked in savings accounts and fixed deposit instruments but the returns on these savings don’t even beat inflation. Recognizing how underserved this segment of consumers was, Neeraj Tulsyan and Mayank Bishnoi, both IIT and ISB graduates, started Hubble to address the needs of these consumers. Having held leadership positions in companies like Cleartax, Ola, Mastercard, and McKinsey, both Neeraj and Mayank are intimately familiar with solving for Indian consumers and leveraging technology to scale up solutions that are uniquely suited to address this problem.
Hubble aims to enable and support millions of Indian consumers in making their lifestyle goals more affordable. With Hubble, consumers can start their rewarding savings journey by subscribing to saving plans with a monthly payment of as low as Rs 500. Brands in turn reward them with 5X higher returns on their money than banks and mutual funds. Brands are able to provide this as they get consumers during the planning stage, and also receive an advance payment that reduces working capital.
Hubble’s value proposition has seen a strong resonance with both consumers and brands. Within weeks of the launch, it has a waitlist of over 200,000 users and has currently partnered with over 25 brands. Most of these users are millennials and Gen Z who are aware of the downside of credit and are looking for an innovative, new age and digitally native savings products that can keep pace with their lifestyle goals.
“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.
Hubble has launched the beta version of its mobile application on android and iOS. Users can now download the app from the Play Store and App Store, and start their rewarding savings journey. The proposition is a no-brainer for consumers who like to plan their purchases but don’t get rewarded for their savings.
Neeraj Tulsyan, Co-founder, Hubble said, “This innovation is a game-changer not just for consumers, but also for lifestyle consumer brands as they can reduce their working capital requirement by engaging directly with consumers, and make their products more accessible to a broader consumer base. This platform will thereby power a win-win economy. We are humbled by the confidence placed in us by our investors, and we are thrilled to build a global company in India. 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.”