Hubble Raises $3.4 Million In Seed Funding Round Led By Sequoia Capital Funds will be utilized to build a robust decentralized savings infrastructure to power its consumer-facing applications, to on-board leading Indian and global brands onto its platform, and to hire top-notch talent
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Hubble, a fintech company working on creating a decentralized savings platform, on Thursday announced to have raised $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. Funds will be utilized to build a robust decentralized savings infrastructure to power its consumer-facing applications, to on-board leading Indian and global brands onto its platform, and to hire top-notch 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," said Mayank Bishnoi, co-founder, Hubble.
India's fintech market has witnessed major changes throughout the pandemic period as digitization transformed the finance sector. According to a report by BCG and FICCI, India's fintech sector's valuation is expected to reach $150 billion by 2025.
Neeraj Tulsyan and Mayank Bishnoi, both IIT and ISB graduates, started Hubble to address the needs of these consumers. 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 five times higher returns on their money than banks and mutual funds. 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.