Cashback rewards app HappyCredit raises Rs.5-Cr from Goodwater Capital, others

Bengaluru-based startup HappyCredit - that offers an instant cashback rewards mobile application - has raised INR 5 crore in a pre-seed round that included investments from Goodwater Capital, Magic Fund and MyAsiaVC. The funding round saw participation from India-based startup founders Kunal Shah (CEO, CRED) and Krishna Kumar (CEO, Simplilearn) as well as US and Canada-based investors including Alex Lin (CEO, Outlier), Jeremy Cai (CEO, Italic), Chris Ye (CEO, Uken Games), Saad Siddiqui (CEO, Bonsai), Andrew Ladouceur (COO, Bonsai) and Charlie Feng (Co-founder, Clearco). The funds will be used to launch new products, build talent and enhance the company's growth. HappyCredit offers shoppers rewards, credit, and "shopping inspiration". It has 50+ e-commerce merchant brands on its platform. The firm plans to launch new credit products and scale the user base to 1.5 million in the next 12 months.