HappyCredit, a Bengaluru-based fintech startup offering an instant cashback rewards application, has raised Rs 5 crore in a pre-seed funding round.

Kunal Shah (Founder and CEO of CRED) Krishna Kumar (Founder and CEO of Simplilearn) participated in the funding round. The round also saw participation from US and Canada based investors like Goodwater Capital, MyAsiaVC, Magic Fund, Saad Siddiqui (CEO, Bonsai), Alex Lin (CEO, Outlier), Jeremy Cai (CEO, Italic), Andrew Ladouceur (COO, Bonsai), among others.

As per HappyCredit, the fresh funds will be used to launch new products, build talent and enhance its growth. 

HappyCredit | Credit, Rewards, Shopping Inspiration, And More

Started in October 2020 by Ashish Virmani and Jitendra Kumar, HappyCredit is on a mission to make online shopping delightful for 400mn Indian shoppers with credit, rewards, shopping inspiration and more. 

For making rewards on shopping delightful, HappyCredit has launched its rewards product ‘Aishback’ in the market earlier this year. Aishback offers a superior form of usual cashback rewards because it’s instant and can be transferred to the bank directly. 

Speaking on the development, Jitendra Kumar, Co-founder at HappyCredit, said,

“The ecommerce 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.” 

As per HappyCredit, its app has over 50+ eCommerce merchant brands on its platform, including Myntra, Flipkart, Ajio, Mama Earth, With over 50,000 downloads on the Google Play store, the startup is looking at launching a checkout finance product as well, says Ashish Virmani, Co-founder of HappyCredit.

Additionally, HappyCredit is planning to launch new credit products, scale the user base to 1.5 million in the next 12 months, and also expand its platform to offline retailers.

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