High-profile angel investors who participated in the round included Snapdeal co-founder Kunal Bahl and Endiya Partners managing partner Sateesh Andra.
The company said it plans to use the funds to build decentralized savings infrastructure to power its consumer-facing apps, bring Indian and global brands to its platform and hire more talent in India.
Founded in 2021 by IIT and ISB graduates Neeraj Tulsyan and Mayank Bishnoi, Hubble aims to meet the needs of consumers looking for ways to save money, while rewarding them for this behavior. In the past, Bishnoi and Tulsyan have held senior positions at companies including fintech software provider Cleartax, ride-sharing giant Ola, card giant Mastercard and consulting firm McKinsey.
“Over 95% of Indians rely on their savings to achieve their goals, but savings options are limited and come with their own challenges. Bank deposits give you a return below the rate of inflation, and mutual fund returns are unpredictable,” said Bishnoi, co-founder of Hubble.
The company also launched a beta version of its mobile app 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 are millennials and Gen Z, who are “aware of the downsides of credit and are looking for innovative, digital-native savings products.”