Prominent angel investors who participated in the round included Snapdeal cofounder Kunal Bahl and managing partner of Endiya Partners Sateesh Andra.
The company said it plans to use the funds to build a decentralised savings infrastructure to power its consumer-facing applications, bring Indian and global brands onto its platform, and hire more talent in India.
Founded in 2021 by IIT and ISB graduates Neeraj Tulsyan and Mayank Bishnoi, Hubble aims to address the needs of consumers looking for ways to save money, while rewarding them for this behaviour. In the past, Bishnoi and Tulsyan have held leadership positions in companies such as fintech software provider Cleartax, ride-hailing giant Ola, card behemoth Mastercard, and consulting firm McKinsey.
“More than 95% of Indians count on their savings to fulfil their goals but 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 Bishnoi, cofounder of Hubble.
The company has also launched a beta version of its mobile application on Android and iOS.
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Hubble has around 200,000 users and has partnered with over 25 brands.
The company said most of its users were Millennials and Gen Z, who are “aware of the downsides of credit and are looking for innovative and digitally native savings products”.
