HappyCredit, an instant cashback rewards platform, has raised Rs 5 crore or $676K in pre-seed round from Kunal Shah, Krishna Kumar along with US and Canada-based investors like Goodwater Capital, Magic Fund, MyAsiaVC, Alex Lin and others.

According to the Bengaluru-based startup, the returns will be utilized to launch new items, assemble talent and enhance its development.

Established by Jitendra Kumar and Ashish Virmani, HappyCredit is an online shopping app that offers shoppers rewards, credit, and shopping inspiration. It launched its rewards item ‘Aishback’ in the market earlier this year.

The startup claims to have more than 50 web based business merchant brands on its platform, like Flipkart, Myntra, Ajio, Mama Earth, to name a couple. The app has also gotten more than 50,000 downloads on the Google Play store.