Multipl, a save now buy later platform, has launched the 'Parenting' category on its app to support a debt-free life. With this, the platform will support parents in making smarter choices and save more while spending for their kids, especially for recurring expenses, the firm said in a statement.
The platform has partnered with popular kids-first brands such as FirstCry, Hamleys, Vendatu, StayQrious. Moreover, other popular brands such as Decathalon, Myntra, Flipkart, Nike, Puma, etc. also feature in this category from where parents usually purchase for their kids, it said.
Through the platform, the users can plan for their kid’s expenses 3-12 months in advance, and earn investment returns on their savings. The mentioned brands provide 3 percent - 25 percent additional savings in the form of co-investments.
The platform said in a statement, "Everyone wants their kids to get the best facilities, education, and extracurricular activities so that they grow up to be successful participants in society. However, financial planning for children remains restricted to age-old financial instruments such as bank savings, fixed deposits and long-term insurance plans."
When a baby is born, parents make purchases anywhere between Rs 10,000 - Rs 30,000 month on month, meeting the needs of baby products such as diapers, crib, clothes, skincare, stroller, car seats and more.
The platform through its parenting category aims to solve this problem, it added.
Talking about the initiative, Paddy Raghavan, the CEO, and co-founder, of Multipl, said, “Youngsters look at saving for vacations and gadget purchases. However, as one grows older, their priorities may change, and be more focused on their regular expense-based lifestyle, a big part of which includes their
children’s education and other expenses.”
He added, “The new category on Multipl is launched with the purpose of helping parents become more prudent while spending for their children. It ensures that young parents do not fall into a debt trap and are able to build a positive savings behavior. We will be adding many more relevant and exciting brands to this category to make it exciting for the parents."
(Edited by : Anushka Sharma)
