17th January 2023: Childcare is a great experience. It involves a lot of work, changing diapers, feeding the newborn on time, and ensuring that the newborn gets enough rest and sleep. Parents spend a lot on purchasing clothes, accessories, and utility products.
From the moment a child is conceived until the time it leaves the nest, it is estimated that raising a child costs anywhere between Rs 1.5 and 2 crore. These are plannable spends, ranging from formula milk or diapers stocks to prams, baby seats and the list goes on.
FirstCry, which is India’s leading platform that offers a wide range of products for children from birth, has partnered with the SNBL platform Multipl to make childcare spending easier for parents.
Under the partnership, parents can invest through the Multipl app for buying things on FirstCry. By planning for their child’s upcoming expenses, they’ll save a good amount of money on these essentials. To participate, users will have to create a goal in the Rs. 20,000 to Rs 50,000 range, for 3-9 months on the Multipl app.
Multipl, a SEBI RIA, helps users earn investment returns from personalized mutual fund investments. FirstCry will co-invest with them to give 5% extra savings every month on their SIP amount. These co-investments can be used to avail of benefits at the time of purchase. That means, If a user invests and pays ₹10000 to FirstCry through Multipl, they can avail of a gift card worth ₹15000 and purchase any product.
On top of it, they’ll also earn returns on their investments.
Paddy Raghavan, Co-founder and CEO, of Multipl, said, ” We are very excited about this collaboration. It will help young parents plan the financial needs of their new-born. It offers great savings on frequently purchased items and also ensures users can get into the habit of saving for the future.”
For instance, if a user saves Rs 30,000 for 6 months, on a SIP of Rs 5,000 per month, they can get Rs 500 in market returns and Rs. 1,500 as FirstCry brand co-investments, thus offering net savings if more than Rs 2,000 in 6 months.
Multipl is the worlds first Save Now, Buy Later” platform that allows users to invest money toward their lifestyle objectives. The company wants every Indian to live the lifestyle they want, enjoy life, and be stress- and debt-free. Paddy Raghavan, Jags Raghavan, and Vikas Jain, three entrepreneurs from Bengaluru, founded the company in 2020. Today, some of the leading investors, including Blume Ventures, GrowX Ventures, IIFL, and Kotak Securities, support it.
With more than 250K installs, this cutting-edge Indian FinTech app encourages deliberate consumption and avoids impulsive purchases. The organization has an internal investment research team with many years of experience in banking and stock investments. Using a Robo advising platform, Multipl generates a custom risk model for each customer before allocating their funds. The start-up adheres to its SFR philosophy, also known as the “safety, liquidity, and returns” paradigm. Users can either invest in various investment assets or directly save with a brand for their upcoming lifestyle expenses. They typically end up saving 5%-20% more on every purchase.