Fintech Startup DPDzero Secures $3.25 Million in Seed Funding
- ByStartupStory | October 4, 2023
Fintech startup DPDzero has successfully raised $3.25 million in seed funding, with contributions from prominent investors such as Blume Ventures and IndiaQuotient. The funding round also saw participation from key figures in the banking and fintech sectors, including Sunil Gulati and Nikhil Kumar.
Founded in March 2022, DPDzero aims to address the root causes of delayed repayments. The startup has experienced significant revenue growth through its AI-powered collections and debt recovery platform. It has also formed partnerships with non-banking financial companies, including Tata Capital, KreditBee, Cashe, Lazypay, and Snapmint, and garnered interest from leading private banks.
Ananth Shroff, CEO and co-founder of DPDzero, expressed the company’s commitment to reshaping the financial landscape, with a focus on solving the most challenging problems, particularly in the area of collections.
The funds raised will primarily be allocated to enhance product development and distribution, as well as to build a talented team to help DPDzero achieve its objectives.
Sajith Pai, Partner at Blume Ventures, highlighted India’s low credit penetration compared to the global average and expressed confidence in DPDzero’s roadmap for improving the credit landscape. He emphasized the support provided by Blume Ventures to DPDzero’s journey.
Nikhil Kumar, co-founder of account aggregator gateway Setu, noted that the scale-up of India Stack and initiatives like AA (account aggregator) and OCEN (Open Credit Enablement Network) are poised to bring the next 200 million people into the formal credit ecosystem sooner than expected. He believes that risk and collections will witness significant innovation, and DPDzero is well-positioned to capitalize on these opportunities.
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